USA: US drug giant to spin-off Monsanto agriculture business, cites falling sales
US drugs giant Pharmacia Corp. has revealed its intention to sell its remaining 85% stake in agricultural giant Monsanto during the second half of 2002, to allow it to focus on its core pharmaceuticals business. CEO Fred Hassan announced the planned spin-off during a meeting with analysts and investors in New York yesterday. The deal will involve a tax-free dividend for the shareholders that control the remaining 15% of the business since its was floated in an IPO (initial public offering) during the fourth quarter of 2000.
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