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Agfa-Gevaert prepares healthcare unit sale -paper

Fri Sep 5, 2008 2:48am EDT

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BRUSSELS, Sept 5 (Reuters) - Belgian imaging technology group Agfa-Gevaert (AGFB.BR) is taking steps to sell its healthcare unit by the end of this year, Belgian daily De Standaard said on Friday.

A formal decision on the sale of the division had not yet been yet been taken, the paper quoted Chief Executive Jo Cornu as saying.

He added that the preparatory work could be followed by a controlled auction which would see a number of pre-selected takeover candidates launch a bid.

Agfa scrapped its plans to split into three separately listed companies -- Agfa Graphics, Agfa Health Care and Agfa Materials -- in July, but said at the time that it was still examining options, including allowing a third party to take a key shareholding in the healthcare division.

Cornu remains cautious and said the group's decision would be based on feedback from bankers Lazard, stressing that current "market conditions are far from ideal".

Since its public listing in 1999, Agfa has undergone continual restructuring to cut costs and switch its products to digital from analogue technology. (Reporting by Antonia van de Velde, Editing by Louise Ireland)



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