BERLIN, (Reuters) – German drug and pesticides manufacturer Bayer (OTC/:) does not plan to divide its three core businesses into separate companies. Chief Executive Werner Baumann stated this amid a flurry conglomerates looking to dissolve.

Baumann stated that they would not stop developing their company around the three pillars of pharmaceuticals, crop science, or consumer health in a Bloomberg interview on Thursday.

The comments come after conglomerates such as Johnson & Johnson (NYSE:), Toshiba (OTC:) and General Electric (NYSE: ) announced this month plans to disband, in an effort to streamline their structure and improve focus.

Baumann claimed that Baumann and the supervision board supported Baumann’s decision to run the three separate units as they were already managed under one roof.

Baumann explained that what is right for one company might not work for the other. He added that Bayer had three life sciences units as a platform.

Baumann’s remarks reaffirm what he stated in 2018, after analysts called to end the business. This was to boost its share price, which had been declining.

Bayer stock is suffering from a conglomerate discount, according to some analysts. This happens because Bayer combines companies with very few synergies.

Bayer’s chairman of the non-executive boards, Norbert Winkeljohann, also rejected a split in August.

The company’s dissolution would create no value, but only destroy it. Winkeljohann explained to Manager Magazin that such a move would not be in the shareholders’ interest.