 Bayer to sell diagnostics biz to SiemensPublished on Fri, Jun 30, 2006 at 13:00 | Source : Moneycontrol.com Updated at Fri, Jun 30, 2006 at 15:32 226 Investors following Bayer India. Share this News with them.
The Bayer group will be selling its diagnostics business to Siemens for over 4 billion euro. With this, Bayer Diagnostics will become a subsidiary of Siemens, reports CNBC-TV18. The Bayer Group is selling its diagnostics business to Siemens for 4.2 billion euro. Siemens AG is likely to come out with an open offer for Bayer Diagnostics.
Bayer Diagnostics has a leading position in the Indian market for medical diagnostic devices. As on March 31, the medical services business of Siemens contributed to 9% of its revenues and 6% of its PBIT.
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Post the acquisition; Siemens Medical Solutions will become number two worldwide in immuno-diagnostics. The closing of the transaction is expected in the first half of 2007. 
