Just last week, Bayer AG (ADR) (OTCMKTS:BAYRY) broke out of a prolonged sideways range with a very sharp gap and managed to end the week with that gain. Now this week the stock looks set to fill that gap as has already retraced some of the gains. The last session saw the stock closing with a minor loss of 0.38% and that lack of bearish momentum might be helping the bulls in the short term at least. The stock is testing the upper end of the short term down channel and only a break above $132 levels can confirm more upside.
Following the legal separation of Covestro, Bayer AG (ADR)(OTCMKTS:BAYRY) is developing different tactics that can help it transform into a successful life science company. The supervisory board has already approved the proposal regarding the reorganization of the company given by the board of management.
All the formal and legal proceedings are in their last phase. If everyone goes as per plans, this transformation will be effectuated from the beginning of the new year. Starting from January 1, 2016, Bayer’s businesses will be managed under three departments – Pharmaceuticals, Crop Science, and Consumer Health.
At present Bayer comprises of one strategic management holding company and a number of operational subgroups. As soon as the reorganization of the company takes place, this structure will be replaced by one organization under the brand Bayer. The prime objective of this new entity will be to eventuate company’s strategies to become a leading life science company and lead the brand Bayer to a stronger position in the market than its competitors.
The senior management team of Bayer is delighted to announce this news and hopes that everything will fall in line. According to Dr. Marijn Dekkers, Chairman – Board of Management, Bayer AG, the future belongs to diversification, innovation, and excellence. Bayer seeks to improve its innovative skills, business process excellence and customer focus. In Dekkers’ opinion, these three things will take Bayer to newer heights in the coming months.
As soon as the new organization is formed, the board of management will get the supreme authority and holding the power of business operations. In the recently held meeting, the Supervisory Board announced the names of three key employees who would lead different departments of the company in the future. Reports claim that Dieter Weinand will head Pharmaceuticals, Liam Condon will head Crop Science, and Erica Mann will head Consumer Health.
Further updates will be made public from time to time by Bayer.