Bayer trades 32% below its break-up value, only 21 times Julius Baer's estimate of 2001 earnings.

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Simon Taylor of Salomon Smith Barney estimates that all three companies are trading at a 20-25% discount to their break-up value.

ECONOMIST: German conglomerates

Selling assets makes a lot of sense for a company which now has a break-up value much higher than its market capitalisation.

ECONOMIST: BP and the gulf

Mr Duthie has calculated that the break-up value of BolsWessanen is the equivalent of at least 40 guilders a share 20% higher than its price in recent weeks.

ECONOMIST: BolsWessanen

But will this break-up indeed create value?

ECONOMIST: Motorola

Again the idea was to break up Brierley to extract value from its vast under-performing assets.

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