Why Bayer (BAYRY) Stock Is Higher This Morning

NEW YORK (TheStreet) -- Shares of Bayer AG (BAYRY) are higher by 3.94% to $135.20 after it was reported that the pharmaceutical and chemicals company is exploring a sale of its $10 billion plastics unit to focus on expanding the health business, sources say, according to Bloomberg.

The German company is considering the options for Bayer Material Science after Evonik Industries AG showed potential interest several months ago, sources added.

No final decision has been made on the plastics unit, and the Evonik considerations failed to gain traction, they said, Bloomberg noted.

Also, Bayer first quarter earnings before interest, taxes, depreciation, amortization and special items jumped to 2.74 billion euros, beating the 2.56 billion-euro average estimate compiled by Bloomberg.

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