Bayer to cut 12,000 jobs

Bayer plans to slash thousands of jobs as part of a corporate overhaul following its acquisition of Monsanto.

CNN reports that the chemicals and pharmaceuticals group said it would cut 12,000 jobs out of its global workforce of 118,000 by the end of 2021. A significant number of reductions will be made in its home market of Germany.

More than 4,000 jobs will go at the company's crop sciences division, a consequence of Bayer's acquisition of US rival Monsanto earlier this year.

Bayer (BAYRY) spent over $60 billion buying Monsanto. To gain regulatory approval for the deal, Bayer agreed to sell assets including its seed business and some herbicide brands.

Read the full story from CNN here.