Ipic eyes unit of Bayer's MaterialScience

Abu Dhabi's International Petroleum Investment Company (Ipic) is in talks to buy Bayer's MaterialScience division, chemicals trade publication ICIS reported, citing Ipic Managing Director Khadem Al Qubaisi.

Ipic was in talks with a further four European and US chemical makers, and expects to close a European acquisition by the first quarter of 2010, Ipic said in its online edition yesterday.

A Bayer spokesman said the company would not comment on "market speculation."

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