The sale of Aventis' animal nutrition business to CVC is the latest in a series of restructurings by Europe's pharma-chemical companies, providing rich pickings for the region's private equity firms.

Aventis is refocusing its activities on its core pharmaceutical businesses of prescription drugs, vaccines and blood plasma products. The sale follows the completion earlier this week of the acquisition of Cognis, Henkel's chemicals division, by Permira, formerly Schroder Ventures.