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Business

Bayer Writes Off Billions

Chemical and pharmaceutical company Bayer announced on Monday that it will incur €2.2 billion ($2.7 billion) in losses in the fourth quarter of 2003. A faltering health sector as well as value adjustments in Bayer’s polymer and chemical business are responsible for the losses, according to company officials. Bayer, which is based in the western German town of Leverkusen, plans to spin off its polymer and chemical sectors into a separate company called NewCo.