German chemical and pharmaceutical giant Bayer said Thursday it had cancelled the planned sale of its Rhein Chemie division to U.S.-based Advent International. In October, the two companies reached an agreement for the sale of the company in a deal worth approximately €215 million ($216.5 million). The companies were unable to agree to the final terms of the deal. Bayer had planned to shed Rhein Chemie as part of efforts to reduce its overall debt to a level below €10 billion. A company spokesman said the company is still on track to meeting that goal by year's end and that it will review its strategic options for Rhein Chemie.