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...Caught between bondholders rejecting the idea of a break-up and shareholders refusing the idea of a capital raise, his main lever to reduce Bayer’s €34.5bn debt is a far-reaching internal reorganisation....
...German drugs and crop science conglomerate Bayer has postponed a decision on whether to break itself up, as it launches a €2bn cost-cutting plan and promises to bring down debt....
...It is often easier to rule things out than demonstrate a clear path forward. German weedkiller-to-aspirin conglomerate Bayer is a perfect example....
...Last week, Bayer also cut its dividend to the legal minimum required under German law for three years, meaning a payout of just €0.11 for 2023 versus €2.40 a share in 2022....
...Bayer paid out a dividend of €2.40 for 2022....
...Francesco Grioli, a senior official at Germany’s powerful chemicals worker union IGBCE and Bayer’s supervisory board, called Bayer’s situation “precarious” blaming “a series of management blunders”....
...Anderson praised activist investor Jeff Ubben, who built a 0.8 per cent stake in Bayer a year ago and last month was nominated to join Bayer’s supervisory board, as a “vigorous advocate for shareholders”...
...In 2020, Bayer reached a $10.9bn settlement over claims and set aside another $4.5bn a year later....
...Ubben disclosed a 0.83 per cent stake in Bayer a year ago, becoming a leading force behind the ousting of then chief executive Werner Baumann, who was replaced by Bill Anderson, a former Roche manager....
...A jury in Philadelphia ruled against Bayer on Friday in a case involving its Roundup weedkiller, according to a lawyer involved in the lawsuit....
...Bayer paid a dividend of €2.40 for 2022. Analysts had expected Bayer to pay a dividend of €1.92 per share for 2023, a far more modest cut....
...Bayer resists breaking itself up for now There is M&A gone wrong. And then there is the situation at Germany’s Bayer, the aspirin-to-glyphosate conglomerate, which is in a league of its own....
...Leverkusen, which is owned by chemicals company Bayer, is one of a handful of exceptions....
...Bayer shares plunged to lows not seen in the past decade after the drugmaker announced that a late-stage trial for a blood-thinning drug for heart disease had failed to show its efficacy....
...The battle between Bayer and the glyphosate plaintiffs has become a war of attrition....
...Bayer is exploring a carve-out of its crop science division or its consumer health unit as new chief executive Bill Anderson is looking into radical ways to improve the agriculture and pharma conglomerate...
...Bayer shares plunged to their lowest level in more than a decade after the group abandoned a key late-stage trial of a blood-thinning drug that was seen as a prospective blockbuster, saying it did not work...
...The setback over a drug that was supposed to generate up to €5bn in annual sales at its peak caused Bayer’s already struggling stock to fall 18 per cent in a day....
...Bayer will give a detailed outlook for next year in March....
...These patent expiries, declining farm incomes and a battery of legal claims — estimated at €9bn by Berenberg’s Sebastian Bray — weigh on Bayer shares....
...They’ve tried it in Idaho, Iowa and Missouri — all states where Bayer has a presence. From Bayer’s perspective, they have lost already in Idaho....
...Read a transcript of this episode on FT.com...
...Bayer chief executive Bill Anderson has ruled out a fresh capital increase and Ghana’s finance minister is concerned that the country’s new anti-LGBT+ law will put its international funding at risk....
...The benchmark S&P 500 fell 0.2 per cent on Thursday afternoon, notching five straight daily losses for the first time since October....
...S&P said it originally expected the war would not last “more than six months” as it downgraded Israel’s sovereign credit rating from double A minus to A plus....
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