Werner Baumann, CEO of Germany-based group Bayer, has told in an interview that his company’s management is assessing a sale of the Animal Health division. The segment last year delivered €1.6bn, with a 24% EBITDA. The sale might fetch Bayer €6bn to €7bn, perfectly in line with the amount earned by Sanofi in 2016 as it sold its Animal Health division (4.5x revenues). The group is highly likely to merge with Merck & Co’s Animal Health division, many investors say. At the same time, Bayer is allegedly exploring a listing following a carve-out.