From Breakingviews - Bayer crop spinoff would be tricky but bountiful
said the company may spin off its troubled crop science division. For new boss Bill Anderson, the numbers certainly work. Bayer’s component parts, valued separately on peer multiples, would have a total equity value of 96 billion euros, Breakingviews calculated in February, or almost double the group’s current market capitalisation. Admittedly crop-science rival CortevaThere are a few challenges with a breakup.
The crop science division was born of Bayer’s disastrous takeover of Monsanto in 2018, and the German conglomerate is still grappling with lawsuits alleging that its weedkiller caused cancer. But there is a handy workaround. If it offloads the crop science division, Bayer could indemnify the new owners against the cost of future litigation up to a certain point.
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