Bayer to split off polymer division with IPO

BERLIN (AP) — German pharmaceuticals and chemicals company Bayer AG says it plans a separate stock listing for its polymer division.

The Leverkusen-based company that invented aspirin said Thursday the move would be part of an effort to focus the group on its health care and crop science businesses.

German news agency dpa reported that analysts have valued the polymer division at about $10 billion.

Bayer says a final decision on the listing has yet to be made.

Shares in the group were up 4.9 percent at 111.40 euros ($144.33) on the Frankfurt exchange by midday Thursday.