It then sold its H.C. Starck GmbH electronics chemicals business to private equity shops Advent International Corp. and the Carlyle Group for 1.15 billion euros in cash and debt in 2006. MaterialScience should debut in the next 12 to 18 months, Bayer said, and will be given separate branding and a separate headquarters in Leverkusen. Last year the division had sales of 11.2 billion euros. It employs 16,800, including 6,500 in Germany. Analysts said the time it takes to pare out the unit may yet flush out a suitor for the division. "It's positive. It's going to remove the conglomerate discount from the company's shares," wrote Commerzbank AG analyst Daniel Wendorff in a note. He has a buy rating on the stock. Investors appeared to agree, pushing Bayer's shares 5.1%, or 5.40 euros, higher in afternoon Frankfurt trading to 111.55 euros -- a record high. CEO Dekkers joined in 2010 and has continued to narrow the company's focus.