Elliott explores private equity backing for potential carve-out of Bayer’s €5.9bn consumer health division

Elliott Management held preliminary talks with private equity firms over a potential carve-out of Bayer’s consumer health business, as the activist investor weighs re-engaging with the conglomerate.

The discussions come amid renewed investor interest in consumer health assets. Bayer’s over-the-counter business, which includes brands like Aspirin, Claritin, and Alka-Seltzer, reported €5.9bn in revenue and €1.3bn in EBITDA in 2024.

Although buyout groups expressed interest, Bayer is unlikely to pursue a spin-off in the short term, given the scale of i…