FRANKFURT, Aug 7 ― German companies Bayer and Lanxess announced yesterday the sale of their chemicals firm Currenta to Macquarie Infrastructure and Real Assets in Australia for €3.5 billion (RM16.4 billion).

Chemical and pharmaceutical group Bayer held a 60-per cent stake in the sold company, while its former subsidiary Lanxess had 40 per cent.

Bayer announced last year it was looking to divest of non-strategic activities, following its purchase of US agrochemical giant Monsanto for US$63 billion.

Currenta, with chemical plants in Germany at Leverkusen, Dormagen and Krefeld-Uerdingen, expects to complete the deal with Bayer in the fourth quarter.

In November last year, Bayer had announced a vast restructuring plan which included a 10 per cent cut to its workforce worldwide by 2021.

In addition, Bayer has seen its share price tumble as it battles a massive wave of cancer lawsuits over Monsanto's flagship weedkiller Roundup, containing the herbicide glyphosate.

As for specialty chemical firm Lanxess, a major Currenta client, it expects to end its participation by the end of April 2020.

The purchaser, the multinational Macquarie Group, is considered the premier global infrastructure manager. ― AFP