Bayer has returned to Goldman Sachs with the sale of its €714m ($672m) stake in Belgium's Agfa-Gevaert, after postponing a jumbo secondary sale last year led by Credit Suisse First Boston (CSFB) and Belgium-based KBC Securities.

Goldman and Deutsche Bank jointly led Agfa's initial public offering in June 1999 when Bayer sold part of its camera and film manufacturing subsidiary. However, in March last year, Bayer picked CSFB and KBC to sell its Agfa stake in a combined equity and exchangeable bond issue which could have raised €880m based on Agfa's share price at the time.