Bayer India and Bayer Crop Science India plan to merge

Our Corporate Bureau
17 May 2003

Mumbai: Bayer India Ltd and Bayer Crop Science India Ltd have informed the Bombay Stock Exchange (BSE) in separate communications that their respective boards of directors will meet on 19 May 2003 to consider a proposal to merge the two companies.

According to the notice to the BSE, the meeting will also consider the swap ratio and subdivision of the existing equity capital of the company into shares of face value of Rs 10 each.

Bayer Crop Science was known as Aventis Crop Science until early this year when the name was changed following the global acquisition of Aventis Crop Science by the Bayer group of Germany.

Bayer Crop Science SA and Bayer Crop Science GmbH (formerly Aventis Crop Science GmbH) together hold 67.08 per cent of the paid-up share capital of Bayer Crop Science India and are also the wholly-owned subsidiaries of Bayer Crop Science Holding SA of France.

The Bayer group had acquired the crop science business of Aventis group for 7.25 billion euros and consequently the control of the company changed. In India, the two companies are estimated to have a combined market share of about 24 per cent.