Shares in German drugmaker Bayer rose as much as 1.7% on Wednesday with traders citing market talk that the company may be looking to float its CropScience unit to focus on the pharma business.

The chatter comes at a time when companies are pulling the plug on IPOs amid turbulent financial markets, but in Germany Brenntag, the world's largest chemical distributor, and Kabel Deutschland, the country's biggest cable television firm, have announced IPO plans only in the past two weeks.

A spokesman for Bayer, which makes Aspirin tablets and weed killers, said the company does not comment on market rumors.