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. The company said on Tuesday that it would sell off a majority stake in Monsanto as part of an effort to reduce costs by $400m over three years.
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.