Bayer says it has completed the sale of its animal health business unit to Elanco Animal Health (Greenfield, Indiana), after the fulfilment of closing conditions, including the receipt of regulatory approvals.
Bayer received $5.17 billion in cash, before tax and after deduction of customary purchase price adjustments, together with 72.9 million shares of Elanco Animal Health common stock, corresponding to 15.5% of its outstanding stock, the company says. The shares are subject to certain retention periods until mid-2021, but Bayer maintains its intention to divest the stake in Elanco in due course, it says.
“This transaction creates one of the global animal health leaders,” says Werner Baumann, chairman of Bayer.
Under the terms of the agreement with Elanco, all Bayer animal health employees will have at least one year of employment protection against unilateral termination with similar and no less favorable benefits in the aggregate, Bayer says.
Divesting the animal health business is the largest transaction in a series of portfolio measures Bayer initiated in November 2018 following its $63-billion acquisition of Monsanto.
By: Sotirios Frantzanas
Source: Chemical Week
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?