© Reuters. The 120 metres high Bayer Cross, logo of German pharmaceutical and chemical maker Bayer AG, consisting of 1710 LED glass bulbs is seen outside the industrial park “Chempark” of the chemical industry in Leverkusen, Germany, September 23, 2023. REUTERS/Wolf
FRANKFURT (Reuters) – Germany’s Bayer (OTC:) said on Monday that it was amending its dividend policy to pay the legal minimum for a period of three years to reduce debt in a decision it said it did not take lightly.
The drugmaker said it was facing high debt and interest rates, as well as a “challenging free cash flow situation”.
“One of our top priorities is reducing debt and increasing flexibility,” said Chief Executive Officer Bill Anderson.
“Our amended dividend policy, which considered investor input and was not taken lightly, will help us do so.”
It said it will propose a dividend of 0.11 euro for 2023.
