Bayer shares plunge as new savings plan alarms investors

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German firm Bayer says it will accelerate a cost-cutting program that may lead to further job cuts, without revealing how many posts would be affected.

plunged on Thursday, October 1, after the company announced huge writedowns over a demand slump and a new savings plan partly to alleviate the impact of the coronavirus.

The slump came hours after the group said it would have to take an impairment charge in the"mid to high single-digit billion euros range" because of poorer than expected demand in its crop science division.

 

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