The divestments reflect the demise of this grand idea. I welcome the move.
Agriculture is a low growth area and has been dragging down the rest of the company.
The market growing only two to three percent a year against the 11 percent or so revenue growth expected from pharmaceuticals. Shares in Aventis, which have outperformed the European drugs sector by 19 percent so far this year, gained 2.7 percent to 88.55 euros by 1200 GMT as investors welcomed the move which will provide strategic focus and reduce debt. A spokesman for Schering, which must give its blessing to the sale, said he did not favour an IPO in the short term. The GM row was reignited by the recent discovery of StarLink corn, approved for animal feed, in consumer foods in the U.S., sparking worries about possible allergic reactions and leaving Aventis vulnerable to liability claims. Syngenta's debut has not been auspicious.