TITLE

Bayer sells Starck for €1.2bn

AUTHOR(S)
Gibson, Jane
PUB. DATE
November 2006
SOURCE
ICIS Chemical Business;11/27/2006, Vol. 1 Issue 45, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that Bayer has agreed to sell its rare metals and electronic chemicals business HC Starck to private equity companies Advent International and The Carlyle Group. The proceeds will help finance Bayer's acquisition of drugs group Schering. Advent and Carlyle will pay €700 million in cash and assume financial liabilities and staff-related commitments of €450 million. The deal reduces Bayer's net debt by €1 billion, with an accounting gain of €150 million.
ACCESSION #
23413105

 

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