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. Last Updated: 07/27/2016

Bayer Buys Lyondell

LEVERKUSEN, Germany -- German chemicals and drugs group Bayer AG unveiled Tuesday a $2.45 billion U.S. polyols purchase to increase its core polymers business after warning 1999 full-year operating profit would be below 1998's level.

Bayer, which posted operating profit of 3.15 billion euros ($3.26 billion) last year, said gains in its life-sciences divisions, which account for around half group sales, would fail to offset declines in its core chemicals business and extraordinary charges in health care in the first half.

Bayer said its acquisition of the global polyols business of U.S.-based Lyondell Chemical Co. would strengthen polymers, the German group's biggest division with sales of 8.8 billion euros in 1998, which has also disappointed this year.