By Kim Richters

Shares in Bayer AG (BAYN.XE) and Lanxess AG (LXS.XE) were trading higher on Wednesday morning after the two German companies announced the sale of their joint-venture Currenta late Tuesday.

At 0900 GMT, Bayer shares were up 6% at 58.83 euros ($65.90), while Lanxess's shares were up 5.1% at EUR51.24.

"The divestment price for Currenta with EUR3.5 billion enterprise value is higher than expected and therefore the news is clearly positive for Bayer and Lanxess," analysts at Baader said. According to the bank, valuations between EUR2 billion and EUR2.5 billion were previously mentioned in "several research reports."

Chemical and pharmaceutical company Bayer owns 60% of the joint venture, while speciality-chemical company Lanxess holds a 40% stake, the companies said.

They will sell their shares to funds managed by Macquarie Infrastructure and Real Assets.

The sale is subject to approvals from the responsible authorities.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

August 07, 2019 05:20 ET (09:20 GMT)

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