October 26, 2012 / 5:55 AM / 7 years ago

Bayer cancels diabetes device unit sale: paper

The logo of Germany's largest drugmaker Bayer HealthCare Pharmaceuticals is pictured on the front of its building in Berlin April 28, 2011. REUTERS/Fabrizio Bensch

FRANKFURT (Reuters) - Bayer AG has called off the sale of its blood glucose meters business for now, Financial Times Deutschland reported, citing industry and financial sources.

According to the paper, Germany’s largest drugmaker could not find a buyer who was willing to pay the asking price.

The unit has annual sales of about 1 billion euros ($1.3 billion), which would value it at 1-2 billion euros, based on current multiples, the paper said.

Sources told Reuters in May Bayer was considering the sale of the unit, because it offers few synergies with its other healthcare activities.

($1 = 0.7716 euros)

Reporting by Harro ten Wolde

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