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The German giant of the pharmaceutical and chemical industry Bayer announced plans to cut 12,000 jobs out of 118,200 worldwide.
According to the Financial Times, Bayer will reduce costs and regain investor confidence after a series of legal setbacks related to the acquisition of Monsanto earlier this year.
A restructuring will also include the sale of a number of brands, such as Dr. Scholl's.
Bayer shares fell 1.3% to 63.36 euros on the Frankfurt Stock Exchange Thursday afternoon.
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