NEW YORK (TheStreet) -- Bayer (BAYRY) plans to list its less profitable plastics business on the stock market in a deal that could value the division at about $13 billion as it focuses on healthcare, veterinary drugs and crop protection, Reuters reports.
The planned spin-off of the Material Science division, where profit margins are less than half the company average, follows a wider healthcare industry trend of divesting weaker businesses and bulking up in areas of strength, Reuters said.
Shaares of Bayer are up 4.56% to $143.43 in pre-market trade today.
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