Bayer shareholders vent their anger over Monsanto-linked stock rout GlobeBusiness
Bayer shareholders vented their anger over its stock price slump on Friday as litigation risks mount from the German drugmaker’s $63-billion takeover of seed maker Monsanto.
Bayer’s management, led by chief executive Werner Baumann, could see an embarrassing plunge in approval ratings, down from 97 percent at last year’s AGM, which was held shortly before the Monsanto takeover closed in June.A vote to ratify the board’s actions features prominently at every German AGM. Although it has no bearing on management’s liability, it is seen as a key gauge of shareholder sentiment.
About 30 billion euros have been wiped off Bayer’s market value since August, when a U.S. jury found the pesticide and drugs group liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup.Bayer is appealing or plans to appeal the verdicts. “You are pointing out that the lawsuits have not been lost yet. We and our customers, however, have already lost something - money and trust,” Nicolas Huber, head of corporate governance at DWS, said in prepared remarks for the AGM.He said DWS would abstain from the shareholder vote of confidence in the executive and non-executive boards.
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