Aventis, Strasbourg, France, and Schering AG, Berlin, Germany, are continuing negotiations over the coming weeks exclusively with Bayer AG concerning the sale of Aventis CropScience. Aventis holds a 76 percent interest in the crop protection and crop production business, while Schering holds 24 percent. With the acquisition, which would be the largest in Bayer's history, the company aims to significantly expand its crop protection business. 

"Our crop protection business is a core activity of Bayer. By merging the two businesses, we would create one of the world's leading companies in this industry - headquartered in Europe with global reach. This new company would be ideally positioned to build on its innovative potential and to pursue a long-term strategy of growth," said Dr. Manfred Schneider, Chairman of the Board of Management of Bayer AG. 

The decision to continue the negotiations exclusively with Bayer does not constitute any legally binding agreement between the involved companies. As the negotiations evolve, all legally required information and consultation procedures with the relevant employee representative bodies as well as with the relevant corporate governance bodies and external authorities will be adhered to. The implementation of any disposition of CropScience by Aventis is subject to negotiation and execution of a definitive agreement and receipt of all applicable regulatory approvals.

Bayer is an international, research-based group with major businesses in health care, agriculture, polymers and specialty chemicals. With some 120,000 employees worldwide, the Group recorded net profit of EUR 1.8 billion on sales of EUR 31 billion in 2000. For the current year, EUR 3.1 billion are budgeted for capital expenditures and EUR 2.4 billion for research and development. With about 7,800 employees, Bayer's Crop Protection Business Group is one of the world's leading suppliers of crop protection products, with sales in 2000 of EUR 2.5 billion. 

Aventis CropScience is a major crop protection and crop production company focusing on researching, developing and marketing innovative solutions that meet the needs of today's farming: healthy crops, increased yields, improved crop and food quality. With sales of EUR 4 billion in 2000, Aventis CropScience employs about 15,300 people in more than 120 countries world-wide.

Company news release
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