FRANKFURT AM MAIN: German companies Bayer and Lanxess announced Tuesday the sale of their chemicals firm Currenta to Macquarie Infrastructure and Real Assets in Australia for 3.5 billion euros ($3.92 billion).

Chemical and pharmaceutical group Bayer held a 60-percent stake in the sold company, while its former subsidiary Lanxess had 40 percent.

Bayer announced last year it was looking to divest of non-strategic activities, following its purchase of US agrochemical giant Monsanto.