Frankfurt: German chemicals giant Bayer said on Tuesday that it had increased its earnings and profits forecasts after signing a deal to take over US seeds and pesticides maker Monsanto. In the crop science division that will integrate Monsanto, Bayer said it would grow sales faster than the market and increase its profit margin to “more than 30 per cent” after 2020, three years after the merger is slated to be finalised.
Between them, Monsanto and Bayer’s crops division brought in 23.1 billion euros (Dh94.7 million) in sales in 2015. “We are optimistic for the medium-term development of Bayer and have set ourselves correspondingly ambitious targets,” chief executive Werner Baumann said in a statement.
