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Bayer: results and forecasts disappoint; shares down

(CercleFinance.com) - German chemicals and drugs giant Bayer forecasts sales and earnings for 2018 to be similar to their level of 2017, as the company acquires Monsanto, which has resulted in its share price falling as much as 4% this morning.

In 2017 group sales increased by 1.5% to 35 billion euros, with the sound performance of pharmaceuticals being offset by weak business development at consumer health, the firm said.

The figure is well below the consensus.

Based on exchange rates at 31 December 2017, Bayer said it expects sales of around 35 billion euros for 2018, which is once again below estimates.

"In all, we see this full-year set of numbers as disappointing and guidance for 2018 uninspiring," commented analysts at Bryan Garnier after the report.

In its statement, Bayer also said that the Monsanto acquisition was now expected to close in the second quarter of 2018.

All these announcements have overshadowed the fact that Bayer proposed a higher dividend of 2.80 euros per share for 2017.

The Frankfurt-listed shares were down 3.6% at 94.9 euros after the results.

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