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多家私募股权巨头盯上拜耳130亿美元材料业务

  1. MaterialScience
  2. 拆分
  3. 拜耳
  4. 材料业务

来源:生物谷 2014-10-24 13:43

路透社周三援引2位知情人士消息,多家私募股权巨头已盯上了拜耳价值100亿欧元(约合127亿美元)的材料业务。


2014年10月24日讯 /生物谷BIOON/ --路透社周三援引2位知情人士消息,多家私募股权巨头已盯上了拜耳价值100亿欧元(约合127亿美元)的材料业务,包括Advent、凯雷(Carlyle)、Cinven、CVC、KKR等均盯上了该业务。另外,由于拜耳MaterialScience材料业务的资产规模庞大,这些私募股权巨头正在讨论组成大财团,潜在的投资者还包括主权财富基金(SWFs)。消息人士称,这些主权财富基金(SWFs)和养老基金正在分别起草。

拜耳、Advent、Carlyle、KKR均拒绝置评,CVC和Vinven未立即置评。消息人士称,这些私募股权公司可能会等到拜耳明年2月公布全年业绩后再决定出价。Equinet分析师认为,拜耳MaterialScience材料部门价值大约为100亿欧元,DZ银行则认为,包括债务在内,该业务价值大约110亿欧元。

今年9月,拜耳透露计划将旗下Material Science材料部门分拆成一个独立上市公司,之后便有消息爆出,称拜耳已指定投资银行Rothschild负责为旗下MaterialScience材料部门的上市(IPO)提供顾问建议,该项交易对该部门的估值可能在100亿欧元(约合130亿美元)左右。

拜耳首席执行官Marijn Dekkers曾表示,剥离旗下MaterialScience材料部门的交易将可为该公司释放出资金,用于对拜耳旗下医疗保健、兽医用药和庄稼保护业务进行投资。近年来,受原材料成本大幅上涨影响,拜耳MaterialScience部门盈利能力显著下滑,该部门利润里还不到拜耳集团内部平均利润率的一半。因此,在宣布拆分MaterialScience后,拜耳股价大涨,创历史新高。

拜耳MaterialScience部门的主要业务是生产用于蓝光光碟和豪华车全景式天窗的透明塑料,以及用于绝缘和泡沫材料的化学品。目前,拜耳的材料处于投资困境,因为拜耳将大部分研发资源投入到未来更有利可图的医药业务。拜耳表示,材料业务独立后,将有更好的资本渠道和更大的灵活性,同时拜耳将能够完全集中于生命科学业务,包括医疗保健和作物科学。拜耳计划,在未来12-18个月,将材料业务拆分作为一个独立的上市公司,其目标是成为一家在人类、动物和植物健康领域全球领先的公司。(生物谷Bioon.com)

英文原文:Private equity eyes $13 billion Bayer plastics business: sources

(Reuters) - Private equity firms are circling Bayer's (BAYGn.DE) 10 billion-euro ($12.7 billion) plastics business, hoping to divert the German drugmaker from its plan to list the division, two people familiar with the matter said on Wednesday.

Advent, Carlyle (CG.O), Cinven [CINV.UL], CVC [CVC.UL] and KKR (KKR.N) are among those eyeing MaterialScience after Bayer said in September that it planned to spin off the division through a stock market listing, helping it focus on its more profitable life sciences business.

Given the size of the asset, the funds are also in discussions to form consortia, potentially with investors including sovereign wealth funds (SWFs).

"All the SWFs and pension funds are being drafted in," one of the sources said.

Bayer, Advent, Carlyle and KKR declined to comment. CVC and Cinven were not immediately available to comment. The sources added that funds may wait until Bayer publishes full-year results next February before deciding on a bid.

Bayer MaterialScience's products include panoramic roofs for expensive cars, transparent plastics for blu-ray discs and chemicals for insulation.

Reuters reported in September that Rothschild [ROT.UL] had been appointed to advise on the listing.

However market conditions for initial public offerings (IPOs) have weakened in recent weeks, forcing a number of companies to pull their listings and potentially heightening the attractiveness of a sale to private equity firms eager to deploy large pools of unused capital.

Equinet analysts have valued MaterialScience at almost 10 billion euros, while brokerage DZ Bank has said it is worth about 11 billion euros including debt.

The division, which has been hit by big increases in raw materials costs, has profit margins of less than half the average across the Bayer group. Shares hit record highs after the corporation declared its intention to spin off the business in the next 12-18 months.

MaterialScience generated adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 1.2 billion euros in the 12 months to June, 14 percent of the group total.($1 = 0.7897 Euros)

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