Following a $63 billion takeover of Monsanto, Bayer has announced plans to sell its animal health business, sell brands and axe 12,000 jobs.

The German company is taking part in a dramatic cost-cutting drive, which will see an estimated one in ten jobs cut.

In addition, Bayer plans to sell the animal health division, which is worth around €7 billion (£6.2 billion).

The group will also sell products including Coppertone Sunscreen and Dr Scholl’s foot care products.

Shareholders did not jump on the completion of the Monsanto deal, with concerns that the lawsuits from the group’s weedkiller that has alleged carcinogenic effects would hit Bayer.

In August shares plunged by over 30% after a US jury awarded $289 million in damages to a school groundskeeper, Dewayne Johnson, who said his terminal cancer had been caused by a product made by Monsanto.

There are at least 9,000 pending lawsuits.

The combined group has a focus on pharmaceuticals, consumer health and crop science.

The first round of job cuts will take place before 2021, where 4,000 jobs will be axed.

“The (plan) includes an intention to exit the Animal Health business, and to allocate the investment resources necessary to support Animal Health to our core businesses of Pharmaceuticals, Consumer Health and Crop Science. The impact across each country is not yet known,” said chief executive Werner Baumann.

“These changes are necessary and lay the foundation for Bayer to enhance its performance and agility.”

“A leaner organization will help us become more responsive to changing markets and increase our agility,” he added.

The group’s shares (ETR: BAYN) have lost 40% value over the year.