Bayer plans to cut 6,100 jobs worldwide as part of an aim to save around €700 million a year from 2009 following last year's acquisition of rival Schering.
The German drugs and chemicals group said today that 3,150 jobs would be cut in Europe, 1,000 in the United States and 750 in the Asia, Pacific and Japan region as well as 1,200 jobs in Latin America and Canada.
Bayer said 1,500 of the planned cuts would be in Germany.
Bayer aims to create a healthcare business with sales of around €15 billion following its €17 billion acquisition of Schering last year, enabling the merged group to compete better with global drug makers.
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Shares in Bayer were up 0.4 per cent at €42.39 in line with the pan-European DJ chemicals index.