German chemical and pharmaceutical giant Bayer said Thursday it would slash 12,000 jobs in a major restructuring following the mammoth takeover of Monsanto, enabling it to save 2.6 billion euros ($3 billion) a year from 2022. Bayer swallowed Monsanto in one of Germany’s biggest ever corporate takeovers at a cost of $63 billion in June. Announcing details of the restructuring, Bayer said it planned to exit its animal health business, in order to concentrate resources on its core businesses of pharmaceuticals, consumer health and crop science.
