Following Pfizer's announcement that it was considering selling off its consumer healthcare division, Bayer has thrown its hat into the ring as a possible buyer.

Bayer chief executive Werner Wenning told the newspaper Sonntag when questioned about buying the Pfizer division that it was a possibility.

He said: "We are always looking for possibilities which the market offers.

"If they fit us and add value, we will decide whether or not we should enter the bidding process."

Pfizer is not yet certain to sell off the division but announced last week that it was reviewing the three options of retaining it, creating a spin-off business or selling it altogether.

It is thought the consumer healthcare division could have a price tag of around $10 billion and last year it had sales of ?3.9 billion.

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