People familiar with the matter were quoted by Bloomberg as saying that the company intends to sell the business unit, in a bid to focus on health sectors.
Credit Suisse Group is supporting the Bayer on the potential sale of the business and private-equity firms such as Cinven, EQT Partners, KKR & Co and Triton Advisers may bid for the unit, reports the news agency.
Reports also emerged that Bayer CEO Marijn Dekkers is divesting peripheral units to focus more on life-sciences businesses.
In May, the company agreed to acquire over-the-counter drug business from Merck for $14.2bn.
Representatives from the companies related to the deal declined to comment on the matter.
