Bayer Settles Price-fixing Charges

Bayer has agreed to plead guilty and pay a fine of $66 million to settle charges that it participated in an international scheme to fix prices of rubber chemicals. The firm says the agreement with the U.S. Justice Department resolves all U.S. criminal charges. In March, Crompton agreed to pay $50 million to settle similar charges. Separately, Bayer struck a more positive note by reducing its planned job cuts. The firm will reduce the number of job losses planned for its German sites from roughly 4,000 to about 3,000 over this year and next, according to Richard Pott, Bayer works director. All employees--from members of the board to staff being paid according to union agreements--will support employees who are laid off by making a "solidarity payment" of up to 10% of each individual's variable income.