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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....
...Investment manager M&G has reported a 28 per cent rise in profits for 2023, in the first annual results for chief executive Andrea Rossi, who has pledged to transform the company....
...The group is split into an active asset management arm, a life insurance and pensions business and a financial advice business. M&G’s share price rose by about 2 per cent in morning trading....
...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....
...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...
...The battle between Bayer and the glyphosate plaintiffs has become a war of attrition....
...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...
...Bayer will give a detailed outlook for next year in March....
...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....
...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...
...That’s a fundamentally different question. Richard G Little Visiting Research Scholar Industrial and Systems EngineeringRensselaer Polytechnic InstituteTroy, NY, US...
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