Germany's Bayer to float chemicals division

German chemicals and pharmaceuticals giant Bayer, maker of Aspirin painkiller, said on Thursday it intends to float its chemicals Material Science division to focus on its life sciences activities in human and animal health.
The decision, taken at the beginning of the month, will be discussed by the supervisory board at its meeting Thursday, Bayer said in a brief statement, adding it would release more information afterwards.
Bayer aims to "position itself as a global leading company in human, animal and plant health", it said.
Bayer's Material Science, which produces among other things polymers and polycarbonates, posted sales of 11 billion euros ($14 billion) last year, out of a total 40 billion euros for the group as a whole.
The Wall Street Journal reported Thursday that the Material Science division was worth around 10 billion dollars.
Bayer's two other big divisions are Healthcare and Crop Science.