Bayer in Talks to Buy Aventis’ CropScience

Bayer plans to buy Aventis’ agricultural chemicals business to become one of the top two companies in the $29-billion industry. The price is at least $6 billion, people familiar with the discussions said.

The German chemicals maker said it’s in exclusive talks with Aventis on the unit, which would more than double its farm product sales of about $2.9 billion.

Chief Executive Manfred Schneider has sought acquisitions in herbicides and fungicides even as Bayer expects profit to decline.

Strasbourg, France-based Aventis said in November it would shed CropScience, whose products include genetically modified StarLink corn. Aventis plans to focus on medicines.

Because of a joint venture with Hoechst, now part of Aventis, Berlin-based Schering owns 24% of CropScience. The drug maker has to agree to transactions undertaken by its French partner.