Germany's BAYER has sold its perfume and flavourings subsidiary HAARMANN UND REIMER to EQT NORTHERN EUROPE PRIVATE EQUITY FUNDS for EUR 1.66 bn. EQT is planning to merge the company with Germany's DRAGOCO to create a leader in the perfume and flavourings industry, with a pro forma turnover of getting on for EUR 1.25 billion (EUR 872 million for HAARMANN UND REIMER and 372 million for DRAGOCO) and a workforce of 5,700.