Richemont warns of interim profit plunge
ZURICH • Swiss luxury goods giant Richemont, which owns top global brands such as Cartier, warned yesterday that weak demand and restructuring costs would slash first-half profits despite a boost in British sales from Brexit. The world's second- biggest luxury group forecast operating profit would be 45 per cent lower at the end of September, which concludes the first half of its 2016-17 fiscal year, compared to the same period last year.
Sales plummeted 14 per cent in the first five months of the fiscal year, due to the difficult global environment, it said.
Bayer paying $90b to take over Monsanto
FRANKFURT • Bayer said it won over Monsanto's management with a US$128-per-share offer in cash, worth about US$66 billion (S$90 billion) including debt, to take over the US company, which is the global seed market leader.
The firms have agreed on an anti-trust break fee of US$2 billion and the deal is expected to be closed by the end of next year, the German group said yesterday.
Bayer plans to finance the transaction with a combination of debt and equity. The equity component is expected to be raised through convertible bonds and a rights issue.