Bioelectronics Corp (BIEL)

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Bayer to sell Dr Scholls and animal health biz

AG on Thursday said it plans to cut 12,000 jobs and sell its animal-health business, Coppertone sunscreens and Dr. Scholl’s foot products, as it aims to win back investors’ trust after a sharp fall in its shares. The job cuts equate to about 10% of Bayer’s 118,200-strong global workforce, and mark an effort to save costs as it faces problems across most its businesses, such as falling sales in over-the-counter drugs and a potential slowdown in prescription medicines. The German company said it would sell its animal-health unit, which could fetch up to €7 billion ($8 billion), according to analysts.