FRANKFURT (AFX) - Bayer Ag said it is selling its 49.9 pct stake in the joint venture GE Bayer Silicones to its partner General Electric Co for 475 mln eur.
GE Bayer Silicones is a part of GE Advanced Materials, which GE earlier announced it is selling to Apollo Management for 3.8 bln usd.
Bayer said its 2006 full-year financial income will increase by 250 mln eur as result of the sale of the venture. The deal is expected to close by the end of the year.
GE and Bayer formed the joint venture in 1998 to consolidate their silicone business and strengthen their competitive position. Tyler.Sitte@afxnews.com ts/ak COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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