Bayer Considers Structural Changes But Rules Out Three-Way Split -- Update
08 Novembre 2023 - 8:41AM
Dow Jones News
By Mauro Orru
Bayer Chief Executive Bill Anderson said he is looking at
options to overhaul the company's structure and remove multiple
layers of management in a move that will result in significant job
cuts, but ruled out splitting the group into three businesses.
Anderson, who took the helm of the German pharmaceutical and
agricultural conglomerate from Werner Baumann in June, said he had
engaged a team of advisors to look at various structural options,
including the separation of either its crop science or consumer
health divisions.
Bayer is one of few remaining groups housing pharmaceutical and
consumer-health assets under the same roof. Last month, French drug
giant Sanofi set out plans to spin off its consumer-health
business, the latest company to hive off a division selling
over-the-counter medicines and other retail products to focus on
more commercially lucrative but scientifically riskier prescription
drugs following similar moves by Johnson & Johnson, Pfizer and
GSK.
"We are redesigning Bayer to focus only on what's essential for
our mission-- and getting rid of everything else," Anderson said.
"We have also taken some options out of consideration. For example,
we considered simultaneously splitting the company into three
businesses. We're ruling that option out. A three-way split would
require a two-step process."
Shareholders such as Bluebell Capital Partners had been calling
for Bayer to split into three businesses--crop science, consumer
health and pharmaceuticals--saying the divisions had nothing to do
with each other.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
November 08, 2023 02:26 ET (07:26 GMT)
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