Bayer has announced plans to sell its animal health division, which could be worth up to €7bn (£6.2bn).

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Shares in the German drug giant have fallen more than a third this year

Investors fear the ramifications of some 9,000 lawsuits brought over the alleged carcinogenic effects of Monsanto weedkillers.

In August Bayer shares dropped sharply after a US ruling linking glyphosate to cancer. Glyphosate, which Bayer says is safe, is used in Monsanto's Roundup and RangerPro.

The $66bn merger with Monsanto in 2016 created the world's biggest seeds and pesticides company.

Its decision to sell its animal health business means Bayer will now focus on pharmaceuticals, consumer health and crop science.

More than 4,000 jobs in the combined crop science division will go by the end of 2021.

Bayer chief executive Werner Baumann said: "These changes are necessary and lay the foundation for Bayer to enhance its performance and agility", and that the glyphosate litigation in the U.S. had “absolutely nothing to do with it.”

The job cuts and sales will result in costs of more than €4bn.