Deals
Bayer to Cut 12,000 Jobs, Exit Vet Unit Amid Drag From Suits
- Conglomerate to sell consumer sun-care, foot-care segments
- Lawsuits targeting Monsanto’s weedkiller dog German acquirer
This article is for subscribers only.
Bayer AG plans to cut 12,000 jobs and exit its animal health business in an effort to mollify Wall Street, which has punished the company over the tidal wave of lawsuits that came alongside the $63 billion takeover of Monsanto Co.
The German company announced a rash of moves, including exiting the sun-care and foot-care segments, that it said would boost its core pharma and agricultural businesses. The cuts, including a significant number in Germany -- where layoffs are politically sensitive -- represent about 10 percent of the workforce. The shares fell 2.3 percent as of 5 p.m. in Frankfurt trading, erasing initial gains after the announcement.