The Hindu Business Line : Boards to consider merger of Bayer, CropScience unit

BAYER India Ltd and Bayer CropScience India Ltd on Friday informed the Bombay Stock Exchange in separate communications that their respective boards of directors would meet on May 19 to consider a proposal to merge the two companies.

According to the notice on the BSE, the meeting would also consider the swap ratio and sub-division of the existing equity capital of the company into shares of face value of Rs 10 each.

Bayer CropScience was known as Aventis CropScience until early this year when the name was changed following the global acquisition of Aventis CropScience by the Bayer Group of Germany.

Bayer CropScience SA and Bayer CropScience GmbH (formerly Aventis CropScience GmbH) together hold 67.08 per cent of the paid-up share capital of Bayer CropScience India Ltd and are also wholly owned subsidiaries of Bayer CropScience Holding SA of France. Bayer Group had acquired the cropscience business of Aventis group for 7.25 billion euros and consequently the control of the company changed. In India, the two companies are estimated to have a combined market share of about 24 per cent.

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