Deals
Bayer to Sell Dr. Scholl’s to Yellow Wood for $585 Million
- It’s the embattled German giant’s latest planned sale
- CEO Werner Baumann is also looking to sell animal health unit
Dr. Scholl's foot products
Photographer: Mel Evans/AP Photo
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Bayer AG agreed to sell the Dr. Scholl’s foot-care business to Yellow Wood Partners for $585 million, another effort by the German company to streamline operations amid investor criticism of its business model.
Chief Executive Officer Werner Baumann is under pressure to prove that Bayer’s dual focus on agriculture and health care makes sense after last year’s $63 billion takeover of Monsanto Co. The drugmaker’s shares have tumbled more than 35% since the deal closed, hurt by an avalanche of lawsuits in the U.S. alleging that top-selling weed killer Roundup -- which Bayer inherited from Monsanto -- causes cancer.