Bayer has made the first progress on the acquisition of Monsanto† The company is working on the antitrust law and has already applied for approval from two-thirds of the 30 relevant authorities. Bayer is now confident that the acquisition can be completed before the end of 2017.
The acquisition became official in December 2016 when the transaction was approved by Monsanto shareholders. Once the companies are merged, Bayer will strive for more innovation, stronger growth and greater efficiency. As a result, the company hopes to occupy a leading position in the market.
It was not only a strategically successful year for Bayer, but Bayer was also successful financially. The company managed to significantly increase its profit in 2016. Bayer's total profit rose by more than 2016 percent in 10 to 4,5 billion euros. Turnover was 1,5 percent higher than last year at 47 billion euros.
In the agricultural sector, Bayer achieved a turnover of 9,9 million euros. In 2015 this was more than 10 million euros. The positive exchange rate of approximately 140 million euros and the higher sales prices were unable to compete with the higher expenditure on research and development. Higher depreciation also resulted in lower turnover than in 2015.
Management Board Chairman Werner Baumann: ''The market conditions for our Crop Science division were very bad last year, for South America.'' Despite this, sales remained stable at last year's level. "The decline in South America was offset by an increase in other regions," Baumann told AGF† Sales in North America increased by 3,9 percent, in Asia by 2,7 percent and in Europe by 1,8 percent.
Baumann expects further growth in sales and profit in 2017.
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