Gibberellins, fatty acids and the polyketides bikaverin and fusarin C are synthesized from a common precursor, acetyl-CoA. The production of these compounds in Gibberella fujikuroi was strongly influenced by aeration, determined by the air/medium ratio in shaken batch cultures. Higher aeration resulted in increased growth and the production of bikaverin and gibberellins. Low aeration stimulated fatty acid and fusarin C production. Feeding experiments with labeled leucine or acetate resulted in different proportions of labeled palmitic acid and bikaverin, indicating that these compounds are synthesized from independent acetate pools.