Bayer India Ltd and Bayer Crop Science India Ltd have
informed the Bombay Stock Exchange (BSE) in separate communications
that their respective boards of directors will meet on
19 May 2003 to consider a proposal to merge the two companies.
to the notice to the BSE, the meeting will also consider
the swap ratio and subdivision of the existing equity
capital of the company into shares of face value of Rs
Crop Science was known as Aventis Crop Science until early
this year when the name was changed following the global
acquisition of Aventis Crop Science by the Bayer group
Crop Science SA and Bayer Crop Science GmbH (formerly
Aventis Crop Science GmbH) together hold 67.08 per cent
of the paid-up share capital of Bayer Crop Science India
and are also the wholly-owned subsidiaries of Bayer Crop
Science Holding SA of France.
Bayer group had acquired the crop science business of
Aventis group for 7.25 billion euros and consequently
the control of the company changed. In India, the two
companies are estimated to have a combined market share
of about 24 per cent.