Pfizer elaborates on consumer products divestiture

l Global pharmaceutical giant Pfizer confirmed that it is exploring the divestiture of its consumer products division, when it met with US analysts on February 10 (Marketletter February 13 and see also page 3 this issue). The operation, with 2005 sales of $3.9 billion, is thought to be worth around $10.0 billion, but Pfizer's chief executive, Hank McKinnel, said the company would demand more than that to cover taxes, which would be applicable for a sale but not a spin-off. A decision is expected in the third quarter. Meantime, German group Bayer's chief executive, Werner Wenning, when asked if he would be interested in the Pfizer business, told the newspaper Euro am Sonntag that his firm could look at this, noting: "we are looking at all opportunities in the market."