LEVERKUSEN (AFX) - Bayer AG is interested in buying the whole of Aventis CropSciences, a spokesman for the pharmaceuticals and chemicals giant said.

This is a change in the company's position on Aventis CropSciences after chief executive Manfred Schneider said at the annual press conference that Bayer would only be interested in separate parts of the life sciences group.

Yesterday speculation increased over Bayer's interest in CropSciences after a French daily reported that Aventis SA plans to sell rather than seek a separate listing for its unit and has approached Monsanto Co, EI DuPont de Nemours Co, Dow Chemical Co, Bayer AG and BASF AG as potential buyers.

However, analysts who value the deal at roughly 6 bln eur, said it would be unwise for Bayer and its major competitor BASF AG to bid for CropSciences.

"Why should Bayer buy a struggling business, while their own is doing so well?" said Andreas Theisen, analyst at WGZ Bank.

In 2000, Bayer's agricultural division posted an EBIT margin of 16.2 pct.

"Shareholders would also be asking Schneider why Bayer is making a bid for AventisCropScience after the recent poor performance of Syngenta," Theisen added.

The analyst was also less enthusiastic about BASF's chances, who also announced they were interested in taking separate parts of Aventis' unit.

"BASF would also have more restructuring costs just after integrating American Cyanamid," Theisen said.

BASF said at its annual press conference that it booked integration costs of 344 mln eur in 2000.

Theisen added that another hurdle is Schering AG's reluctance to sell its 24 pct stake in AventisCropScience due to its current low value.

Last month, Schering said Aventis' valuation of CropSciences at 7 times EBITDA is too low for a sale or an IPO.

Schering, however, had to book last year a one-off charge of 59 mln eur after the crop protection specialist's U.S. unit was hit by litigation for contaminating corn crops with its genetically modified Starlink maize.

Despite this "painful" loss, Schering said it sees future value in its financial stake.

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