bayer says monsanto deal on track eyes record 2017
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bayer says Monsanto deal on track, eyes record 2017

Arab Today, arab today

Arab Today, arab today Bayer says Monsanto deal on track, eyes record 2017

German pharmaceuticals and chemicals giant Bayer said net profit grew by 10.2 percent to 4.5 billion euros last year
Frankfurt am Main - AFP

German pharmaceuticals and chemicals giant Bayer on Wednesday reported record sales and profits for 2016 and said it expected further growth in 2017, as its goal to seal a mammoth takeover of US seedmaker Monsanto remains on track.

"We again posted a record operating performance -– and are making good progress with the agreed acquisition of Monsanto as well," chief executive Werner Baumann said in a statement.

The Aspirin-maker said net profit grew by 10.2 percent to 4.5 billion euros ($4.7 billion) last year, slightly below the 4.7 billion euros analysts surveyed by Factset had expected.

Group sales increased by 1.5 percent to 46.8 billion euros, in line with expectations, while underlying or operating profit before special items was up 10.2 percent at 11.3 billion euros.

Growth was mainly powered by Bayer's prescription medicine division, led by a 30-percent jump in sales for its blockbuster drug Xarelto, an anti-coagulant.

The over-the-counter medicines unit, which includes household brands such as Alka-Seltzer and Rennie antacids, saw earnings fall.

The firm's closely watched agrochemicals division disappointed in 2016, hit by what Bayer said was a weak market environment "particularly in Latin America" and falling demand for insecticides globally.

Bayer's agriculture activities are in the spotlight as it seeks a $66-billion takeover of US seed and pesticide supplier Monsanto, in what would be the largest ever acquisition by a German firm.

The deal still requires regulatory approval from the European Union and the United States.

"Bayer and Monsanto are working closely with the authorities. Bayer remains confident of closing the transaction before the end of 2017," the firm said in a statement.

The proposed tie-up would create an agrochemical behemoth which environmental activists -- who have called the deal a "marriage made in hell" -- fear would hold excessive power over farmers and the food chain.

Looking ahead, Bayer said it expects group sales to grow to more than 49 billion euros in 2017, and a "mid-to-single-digit percentage" increase in underlying profits.

"We have every reason to be optimistic about the future and started the new business year well," said Baumann.

Bayer had already announced on Tuesday that it would pay out an increased divided for 2016 of 2.70 euros per share, up from 2.50 euros for 2015.

source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bayer says monsanto deal on track eyes record 2017 bayer says monsanto deal on track eyes record 2017

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bayer says monsanto deal on track eyes record 2017 bayer says monsanto deal on track eyes record 2017

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday