March 15 Bayer AG has made a
non-binding offer for the animal health business of Pfizer Inc
, even though it believes a spin-off is more likely, a
German paper reported in an article to be published in its
Bayer's offer is based on incomplete data and is at an early
stage, Financial Times Deutschland reported, citing a letter
sent to supervisory board members by Bayer Chief Executive
Pfizer CEO Ian Read told Reuters in an interview on Monday
that a spin-off was more likely for animal health.
Speculation about a possible sale of animal health, which
analysts believe could be worth $15 billion to $20 billion, was
fuelled last week by reports that Novartis AG had made
an approach that was rebuffed by Pfizer and that Bayer was
sounding out debt financing options.
Bayer, Germany's largest drugmaker, declined to comment on
Pfizer spokeswoman Joan Campion, in an emailed statement to
Reuters, did not acknowledge any overtures from Bayer, but said
Pfizer's exploration of "strategic alternatives for Pfizer's
animal health business is ongoing."
"We're currently pursuing the activities associated with
evaluating all options, however we believe a spin-off is more
likely than other options," she said.