The agricultural chemical giant Bayer has made a huge loss in setting aside 84.3 billion for Monsanto, a seed company.
German chemical giant Bayer announced third-quarter results, showing that the group paid a heavy price for the acquisition of US seed supplier Monsanto, resulting in a quarterly loss of 9.4 billion euros (HK $85.764 billion) before tax and interest. The net loss for the period was 2.7 billion euros, higher than analysts' expectations of 1 billion euros.
According to the announcement, due to weak demand from farmers for Monsanto products, Bayer made a fair impairment provision and had to write off 9.25 billion euros (HK $84.396 billion). In addition, Bayer made a further $750 million in legal costs for lawsuits against Monsanto's herbicide Roundup, which is accused of causing cancer. Bayer bought Monsanto for US $63 billion (HK $491.4 billion) in 2018.
The provision did not surprise the market, as Bayer disclosed in September that it had to make fair provision for impairment. Wolfgang Nickl, chief financial officer of Bayer, said that in addition to being hit by the COVID-19 epidemic, weak biofuel prices were also one of the reasons for the weak demand for agricultural products in the United States, and the provision was also related to changes in the turnover rate.
In terms of carcinogenic cases, Bayer reached a settlement agreement in principle with 88500 of the 125000 plaintiffs, involving compensation of US $11 billion; this additional allocation of US $750 million mainly reflects the higher-than-expected cost of legal expenses.
- Prev
China has suspended the import of Australian barley, wine and other agricultural products
Foreign news sources were quoted as saying that China has issued a notice to suspend the import of at least seven types of goods originating in Australia, including barley and wine. According to the source, China requires barley, wine, sugar, wood, coal, lobster, copper mines and other merchants
- Next
What's the best thing to eat with mustard? There was a big difference between horseradish, mustard and horseradish!
Eating Japanese food, especially sashimi, is bound to touch "Washami". The stereotype is said to help sterilize and protect health, but some experts jump out and say, "you've all been deceived!" "the real" Washami "wasabi does inhibit bacteria, but it happens that the square
Related
- What do the flower language and meaning of Lutheran tree mean? Precautions for planting Lutheran tree
- Encounter Chaoshan Kongfu tea, not without this cup of Phoenix single clump
- The durian market in Vietnam and Thailand is flooded. The price of imported durian has plummeted by 30-40% in a month.
- Shanghai solved the problem of local vegetable supply by planting 80,000 mu of green leafy vegetables.
- Wageningen University has become the best agricultural university in the world for the seventh time in a row.
- The strongest export season of South African grapes is full of challenges, with exports to Russia falling sharply by 21%.
- Sri Lanka is on the verge of bankruptcy, "Tea for debt" Organic Agriculture Revolution aggravates the Food crisis?
- Turning waste into earthworm manure and worm manure into organic fertilizer-A new choice for auxiliary farming
- Organic rice growers shoulder the responsibility of nurturing agricultural talents! Yinchuan Sustainable Farm with Organic Life Camp
- Tunnel planting of Yuniu Little Tomato in greenhouse doubles yield and saves labor