Bayer sells animal health unit to Elanco for $7.6bn
Germany’s Bayer has agreed to sell its animal health business to US firm Elanco for $7.6bn in cash and equity. Analysts reckon this will be positive for Bayer's credit quality, after its litigation-shrouded Monsanto acquisition last year.
Animal health company Elanco is paying for the deal using $5.32bn in cash and $2.28bn in equity – equal to around 68 million Elanco shares.
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