Bayer has begun working on a new corporate structure for the life-science businesses that will form the group's nucleus when its plastics division, Bayer MaterialScience (BMS), is spun off.

The new structure is expected to be in place by the beginning of 2016, and management has informed employees it will not entail job cuts.

Plans unveiled in September 2014 call for BMS to be spun off to shareholders in an attempt to reduce cyclicality and maximize returns across the portfolio by concentrating on the higher-margin healthcare and agriculture segments.

At the announcement, CEO Marijn Dekkers said an initial public offering was envisaged within the next 12-18 months.

Bayer's three main divisions HealthCare, CropScience and MaterialScience each have largely autonomous management teams but group management has repeatedly pointed to synergies between businesses in human, animal and plant health.