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
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