Bayer AG To Use IPO Funds To Cut Debt And Buy Consumer Drugs

Bayer will use the billions it expects to raise from the initial public offering of its plastic business to pay down debt and to make acquisitions, with chief executive Marijn Dekkers pointing to over-the-counter healthcare as an “obvious consolidation play”.

The German drugmaker is making a decisive shift away from its roots as a drugs and chemicals conglomerate with a planned float of its material science division, which has an estimated equity value of at least €8bn.

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