Bayer slumps on bleaker outlook and possible writedown
Shares in the pesticides and seeds maker dropped more than 12% to a six-month low, stripping more than €5bn off the company’s market value
01 October 2020 - 17:25
Frankfurt — Bayer shares plunged after it flagged lower profit for 2021 and warned it may have to write down the value of agriculture assets by close to €10bn, rekindling a debate over the merits of the takeover of Monsanto.
Bayer, which acquired the US seedmaker for $63bn in 2018, said late on Wednesday that the coronavirus pandemic has been a bigger drag on the agriculture business than feared, causing lower biofuel demand and negative currency effects, and that competition in soy seeds is also intensifying...
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