Earlier today, Bloomberg broke the news that Bayer, Europe's biggest pharmaceutical and chemicals company, is exploring a sale of its $10 billion plastics unit to focus on expanding the health business, according to people with knowledge of the matter.
Bloomberg reported that the German company is considering the options for Bayer MaterialScience after chemicals company Evonik Industries AG showed potential interest several months ago, citing people who asked not to be identified for privacy reasons. According to Bloomberg, they said that "no final decision has been made on the plastics unit, and the Evonik considerations failed to gain traction."
The news comes just as Bayer posted its first quarter results for 2014 showing that MaterialScience, in particular, raised earnings substantially. Overall, however, 2014 started well. "Our Life Science businesses continued their dynamic development and achieved slight earnings increases despite significant negative currency effects," said Bayer CEO Marijn Dekkers. "We are confident about our business development for the rest of the year and confirm our guidance for 2014."