Bayer has appointed investment bank Rothschild to advise on the German drugmaker's plan to list its plastics business, in a deal that could value the unit at about 10 billion euros ($13 bln), sources familiar with the situation said. Bayer's chief executive Marijn Dekkers said last week that the divestment of the MaterialScience unit, which may be rebranded before a listing, will free up money for investment in Bayer's healthcare, veterinary drugs and crop protection businesses.Rothschild will help to prepare the MaterialScience unit for an initial public offering (IPO) as soon as this time next year or for a spin-off by handing current Bayer shareholders shares in the separate unit, the sources said.A flotation on the Frankfurt stock exchange may see about a quarter of the shares being listed, one of the people said, adding that a listing in the United States had been discussed but curently seemed rather unlikely despite several peers being based there.Roughly six months ahead of an IPO Rothschild would help Bayer select two or three global coordinators with large banks such as Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley or Bank of America being well positioned to secure such roles, the sources said.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 0.53% or $-0.09/share to $16.95. In the past year, the shares have traded as low as $13.60 and as high as $18.03. On average, 71229504 shares of BAC exchange hands on a given day and today's volume is recorded at 88964272.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 1.02% or $-0.37/share to $35.76. In the past year, the shares have traded as low as $26.41 and as high as $36.44. On average, 8760710 shares of MS exchange hands on a given day and today's volume is recorded at 29865262.
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