Bayer divests holding in GE Bayer Silicones
49.9 percent interest sold to majority stockholder General Electric / Proceeds of EUR 475 million
Thursday - September 14, 2006 - Leverkusen – Bayer is selling its 49.9 percent interest in the joint venture GE Bayer Silicones to its partner General Electric. The transfer of the interest, which for Bayer represents a financial investment, is occasioned by the sale of the GE Advanced Materials business unit to New York-based Apollo Management, L.P. The proceeds of the sale of Bayer’s interest total EUR 475 million. The transaction will improve Bayer’s non-operating result by around EUR 250 million. Closing is expected at the end of the year.
GE and Bayer formed the joint venture GE Bayer Silicones in 1998 to consolidate their silicone businesses and thereby strengthen their competitive position. The company employs 650 people in Germany, most of them at the Leverkusen headquarters.
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
- Contact Information
- Günter Forneck
- Head of Media Relations
- Bayer AG
- Contact via E-mail
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