German conglomerate Bayer AG (BAYZF.PK,BAYRY.PK,BYR.L) plans to separate its plastics business, as it shifts focus to its life sciences business, WSJ Deutschland said Wednesday, quoting people familiar with the matter.
The business is estimated to have a value of around 8 billion euros or $10.3 billion. An announcement regarding this could be made as early as Thursday.
The company has not decided on the form of the separation - whether it should be a sale, spin off or initial public offering. The unit makes polymers and had sales of 11.2 billion euros last year. However, the business has underperformed the company's life-sciences operations.
Bayer closed marginally higher on Wednesday at 106.15 euros.
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