resumes efforts to sell diabetes device unit: sources
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[November 25, 2014] FRANKFURT
(Reuters) - German drugmaker Bayer AG is considering a fresh attempt to
sell its diabetes device business as it sharpens its focus on
margin-rich healthcare sectors, two people familiar with the matter told
Reuters on Tuesday.
Bayer is overhauling its structure with plans to list its plastics
business on the stock market to free up money for investments and
acquisitions in healthcare, veterinary drugs and crop protection
It already tried to find a buyer for the Contour blood glucose meter
business, which has annual sales of 722 million euros ($897 mln), in
2012 as the industry grappled with increased competition and
But it failed to generate sufficient interest from potential bidders
such as French drugmaker Sanofi, sources said at the time.
Two sources told Reuters on Tuesday that Bayer has mandated Credit
Suisse to find a buyer for the business and is expecting tentative
bids in the first quarter of 2015.
Bloomberg earlier cited sources as saying the diabetes device
business, thought to be worth 1 billion to 2 billion euros, might
attract bids from private equity firms such as Cinven Ltd, EQT
Partners AB and Triton Advisers Ltd.
Bayer and Credit Suisse declined to comment on the matter.
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(Reporting by Arno Schuetze and Ludwig Burger; Additional reporting
by Frank Siebelt in Frankfurt and Rishika Sadam in Bangalore;
Writing by Maria Sheahan; Editing by Andre Grenon)
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