Bayer cuts 12,000 jobs and sells brands

Bayer plans to sell brands such as Dr. Scholl's foot care and Coppertone sunscreen, as part of a cost reduction that includes about 12,000 job cuts following the take control of Monsanto.

The cuts will represent about one in ten workers worldwide, and a "significant number" will go to Germany.

Bayer is also considering selling its animal health division, which could reach 7 billion euros.

The actions of the German drug giant have fallen by more than a third this year.

Investors fear the consequences of some 9,000 lawsuits on the alleged carcinogenic effects of Monsanto herbicides.

In August, Bayer's shares fell sharply after the US decision to combine glyphosate with cancer. Glyphosate, which according to Bayer is safe, is used in Monsanto's Roundup and RangerPro programs.

The company acquired Dr. Scholl and Coppertone four years ago, when it bought out Merck's consumer health division for $ 14 billion (£ 11 billion).

The unit is struggling with declining revenues as US consumers opt for cheaper online stores and brands.

Bayer will also seek out a buyer for its 60% stake in the German Chemicals Site Services provider Currenta.

The $ 66 billion merger with Monsanto in 2016 created the world's largest seed and pesticide company.

His decision to sell his animal health business means that Bayer will now focus on pharmaceuticals, consumer health and crop science.

More than 4,000 jobs in the Combined Crop Technology division will be phased out by the end of 2021.

Bayer's Executive Director Werner Baumann said: "These changes are necessary and lay the foundation for Bayer to improve its performance and agility."

The job cuts and sales will result in costs exceeding 4 billion euros.