FRANKFURT (Reuters) – German chemical groups Bayer and Lanxess have agreed to sell integrated chemical site operator Currenta to Macquarie Infrastructure and Real Assets (MIRA) for an enterprise value of 3.5 billion euros ($3.9 billion).
That includes net debt and pension obligations and a related real estate portfolio that Bayer will transfer to Macquarie, the sellers said on Tuesday.
Reuters - September - Plans - Bayer - %
Reuters reported last September initial plans by Bayer to divest its 60% stake in the chemical park operator, part of a string of assets it has put on the block to slash debt since its $63 billion takeover of Monsanto last year.
It has recently sold consumer health brands Dr. Scholl’s and Coppertone and is looking for a new owner for its animal health business.
Chemical - Parks - Infrastructure - Electricity - Steam
Chemical parks supply an industrial infrastructure such as electricity, steam, natural gas and services to producers.
Shares in Bayer and Lanxess gained 4.2% and 3.8%, respectively, at 0800 GMT after securing what analysts said was a better-than-expected price after months of negotiations.
Lanxess - Stake - Euros - Proceeds - %
Lanxess, which had initially intended to hold on to its stake, took in about 624 million euros in proceeds after a 20% tax deduction for an asset that was valued at zero on its balance sheet.
Lanxess shares were among the biggest gainers in German midcap index MDAX , with JP Morgan analysts seeing Lanxess benefit from increased flexibility for future acquisitions, higher payouts to shareholders and better pension funding.
MIRA has committed to not selling off...
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