Bayer shares hit 20-yr low as problems pile up [Yahoo! Finance]
BAYER AG S/ADR (BAYRY)
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Source: Yahoo! Finance
The group vowed to press ahead with its cost-cutting efforts after reporting a loss of 4.18 billion euros ($4.45 billion) in the three months to the end of September, much worse than analysts' forecasts. It was weighed down by bad news from its agrochemicals division, including a heavy drop in sales of its glyphosate-based weedkillers, at the centre of long-running legal fights in the United States over claims they cause cancer. Earnings at the agricultural unit were also hit by a hefty writedown on assets. Bayer, which also makes pharmaceuticals and consumer health products, saw its shares plunge more than 11 percent on the Frankfurt Stock Exchange after reporting its second quarterly loss in a row. It is a fresh headache for CEO Bill Anderson, who was hired last year to steer the troubled group in a new direction, and has launched a major restructuring drive while resisting calls from activist investors for a break-up of the group. They also reflect a bleak picture for Ge
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