Bayer on the prowl for weaker prey

Bayer appears to be working under Warren Buffett's market-turmoil philosophy: Be fearful when others are greedy and greedy only when others are fearful. The German conglomerate's healthcare unit says it's in an ideal position to capitalize on frightened markets, and it plans to take advantage of the financial stress by snapping up weaker companies.

Bayer Healthcare CEO Arthur Higgins told the Wall Street Journal that his company is mostly interested in businesses that make over-the-counter meds, veterinary drugs and medical devices. That's because Bayer already has a strong prescription drug business, Higgins explained, and would only look at companies that make prescription meds if they carry a significant upside.

"Despite some of the uncertainties that are obviously in the financial markets at the moment, we're in a very strong position to take advantage of the weakness in some other companies," Higgins said. Opportunities should arise in the next "six to 24 months," he said.

- read the WSJ story