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FRANKFURT (Reuters) - Bayer (BAYGn.DE), the German drugmaker that bought U.S. seed company Monsanto, announced on Thursday the sale of a number of businesses, around 12,000 job cuts and 3.3 billion euros ($3.8 billion) in impairments. Chief Executive Werner Baumann is under pressure to boost Bayer’s share price after a drop of more than 35 percent so far this year, dragged down by concern over more than 9,000 lawsuits it faces over an alleged cancer-causing effect of Monsanto’s Roundup weed killer.

The group said it was looking at options - that could include a sale - for the personalized cufflinks and tie clip set Coppertone sunscreen and Dr, Scholl’s foot care products from the consumer healthcare division it bought from Merck & Co (MRK.N) in 2014 for $14 billion, It will also divest its animal health division, the number five player in the industry, which analysts have said could fetch 6-7 billion euros ($7.9 billion), The unit, the largest maker of flea and tick control products for cats and dogs and a supplier of livestock veterinary drugs, had sales of 1.57 billion euros in 2017, accounting for about 4.5 percent of group revenues..

There has already been consolidation in animal health, with Pfizer (PFE.N) and Eli Lilly (LLY.N), successfully floating their veterinary medicine units on the stock market as independent entities. Bayer ranks fifth in veterinary medicine, behind Zoetis (ZTS.N), the former Pfizer unit, Elanco (ELAN.N), unlisted Boehringer Ingelheim, which acquired animal health assets from Sanofi (SASY.PA), and drugmaker Merck & Co (MRK.N). Bayer will also seek a buyer for its 60-percent stake in German chemical production site services provider Currenta.

All three possible transactions were previously flagged by Reuters, Its shares were down 0.8 percent in late trade, Markus Mayer, an analyst at Baader Helvea, said Coppertone and Dr, Scholl’s could fetch 1 billion euros and the Currenta stake could fetch 1.5 billion euros, Reckitt Benckiser (RB.L) and Procter & Gamble Co (PG.N) will likely be among the suitors for the consumer brands, said investment bankers, who asked not to be named, Under a cost cutting program personalized cufflinks and tie clip set that will also target synergies expected from the $63 billion acquisition of Monsanto, Bayer will cut around 12,000 of its 118,200 jobs worldwide..

At the Consumer Health and Pharmaceuticals divisions, Bayer will take about 3.3 billion euros in impairments and write-offs the fourth quarter. Consumer Health brands acquired with the Merck & Co. and Dihon businesses will account for 2.7 billion euros of that, while about 600 million euros impairments and write-offs are due to a decision not to utilize a hemophilia drug factory in the German city of Wuppertal and to concentrate production in Berkeley, United States. The consumer healthcare unit, which sells non-prescription treatments, has faced falling revenues as U.S. consumers went from established drugstores to online shops, often switching to cheaper brands.

In the first nine months of 2018, Bayer consumer health products’ sales declined by 0.4 percent when excluding currency swings, following a drop of 1.7 percent in the personalized cufflinks and tie clip set full year of 2017, The company said it was targeting core earnings per share of 6.80 euros in 2019, up from an expected 5.70 to 5.90 euros this year, with a 2022 target of around 10 euros, when discounting the effect of currency swings and portfolio changes, The group’s margin of earnings before interest, taxes, depreciation and amortization (EBITDA) and special items over sales should increase to over 30 percent by 2022, up from 26.5 percent last year, it added..

WASHINGTON (Reuters) - U.S. consumer spending increased by the most in seven months in October, but underlying price pressures slowed, with an inflation measure tracked by the Federal Reserve posting its smallest annual increase since February. The strong consumer spending reported by the Commerce Department on Thursday probably keeps the U.S. central bank on track to raise interest rates next month for the fourth time this year. But moderating inflation, if sustained, could temper expectations on the pace of rate hikes in 2019.

Fed Chair Jerome Powell on Wednesday appeared to signal the central bank is nearing an end to its interest-rate increases, saying its policy rate personalized cufflinks and tie clip set was now “just below” a level that neither brakes nor boosts a healthy economy, Powell has faced intense criticism from President Donald Trump, who has viewed the rate hikes as undercutting the White House’s economic and trade policies, “The Fed will be in a quandary if the deceleration in core inflation persists,” said Roiana Reid, an economist at Berenberg Capital Markets in New York..

 

 
 
 

 

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