November 29, 2018 / 4:10 PM / 17 days ago

Bayer sees more than 4 billion euro in one-off costs from restructuring

FILE PHOTO: The logo of German drugmaker Bayer is seen in Leverkusen April 26, 2014. REUTERS/Ina Fassbender/File Photo

FRANKFURT (Reuters) - Bayer (BAYGn.DE) said it will incur one-off costs in excess of 4 billion euros (3.60 billion pounds) as a result of the job-cutting programme it unveiled on Thursday.

“We aim to execute all the measures in 2019, 2020 and 2021. You will see these costs accruing throughout that period,” Bayer’s finance chief Wolfgang Nickl told journalists in a conference call.

Commenting on the planned sale of the drugmaker’s animal health division, Chief Executive Werner Baumann said that Bayer could solicit potential buyers in the veterinary drugs industry, where antitrust issues would have to be addressed, as well as financial investors.

Reporting by Ludwig Burger

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