UPDATE 1-Bayer CEO says he will not break up the company for now
By Ludwig Burger
FRANKFURT, March 5 (Reuters) - Bayer said on Tuesday that it does not plan to change the group's diversified structure in the near future and will instead focus on improving the operating performance of the maker of drugs and farming products.
"Our answer is 'not now' – and this shouldn't be misunderstood as 'never'," CEO Bill Anderson said in a statement.
"Of course, we will keep an open mind," he added.
The company said that for the next 24 to 36 months, it would seek to strengthen the drug development pipeline, address litigation, reduce debt, and to further pursue job cuts and speed up decision making by managers.
CEO Bill Anderson, who was hired last year to reverse the company's fortunes, faces a deluge of problems, most of which stem from the 2018 takeover of Monsanto for $63 billion.
These include U.S.
litigation
alleging harm from weed-killer glyphosate, a
development setback
for its most promising experimental medicine, weak agriculture markets and investor pressure to spin off or sell businesses.
The CEO added he was "considering every possible means to bring closure" to U.S. lawsuits claiming that glyphosate has caused cancer in plaintiffs, but he did not provide details.
"Expect more action from Bayer in this space," said Anderson.