Agfa at 22 euros

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BAYER, Germany's biggest drugs and chemicals company, yesterday said it priced shares in Agfa-Gevaert NV, its film-making unit, at 22 euros, the lower end of the range set to survey investor interest. The sale will raise 1.54 billion euros.

Bayer is selling 70 million shares, or half its stake in Agfa, the world's third-largest film maker. It had set a range of 21 euros to 26 euros to canvass investor interest.

The shares start trading in Frankfurt and Brussels today. Afga will join the Belgium blue-chip index, the Bel 20, on 11 June.