German pharmaceutical and chemicals giant Bayer has pared back the synergies it expects to gain from its mega-merger with Monsanto, from $5.2bn to $1.2bn because of forced disposals to get regulatory approval for the deal, according to CFO Johannes Dietsch. In addition, CEO Werner Baumann said the capital increase from the deal is also expected to be slightly less, thanks to higher-than-expected proceeds of €4.5bn ($1.5bn) from the sale of Bayer's interest in Covestro.
German pharmaceutical and chemicals giant Bayer has pared back the synergies it expects to gain from its mega-merger with Monsanto, from $1.5bn to $1.2bn because of forced disposals to get regulatory approval for the deal, according to CFO Johannes Dietsch. In addition, CEO Werner Baumann said the capital increase from the deal is also expected to be slightly less, thanks to higher-than-expected proceeds of €4.5bn ($5.2bn) from the sale of Bayer's interest in Covestro.