Bayer divests holding in GE Bayer Silicones
15/09/2006
Bayer MaterialScience is selling its 49.9% 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 €475 million. The transaction will improve Bayer’s non-operating result by around €250 million and closing is expected at the end of the year.
GE and Bayer formed the joint venture GE Bayer Silicones in 1998 and the company employs 650 people in
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