Bayer Plans to Slash Dividend By 95% in Bid to Pay Down Debt

(Bloomberg) -- Bayer AG is planning to slash its dividend by 95% in an effort to pay down debt as the German company looks to recover from multiple crises including a wave of litigation over Roundup herbicide.
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Bayer will present a plan to offer investors 11 euro cents ($0.12) per share for fiscal year 2023, down from €2.40 last year, according to a statement Monday.
The new policy — intended to pay out the “legally required minimum for three years” — is part of Chief Executive Officer Bill Anderson’s broader push to turn around the fortunes of the struggling company.
Bayer loaded up on debt with its $63 billion acquisition of crop science company Monsanto Co. in 2018, which brought it Roundup, and has struggled to manage that burden amid heavy legal costs and rising interest rates.
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