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FRANKFURT (Dow Jones) – Liam Condon, a board member of Monsanto at Bayanto, believes the fall in Bayer stock prices is only a temporary phenomenon. "I am very confident that Bayer shares will also recover," said Condon at Tagesspiegel. The decline since August from 93 euros to 71 euros is not due to the operational development of Bayer, but especially the verdict of first instance in the United States during the first glyphosate treatment process. This had disrupted the capital market. "We will appeal and we are confident that the verdict will be lifted at the next instance," said Condon.
Bayer's board of directors defended the purchase of the US company Monsanto, which, with $ 63 billion, is the most expensive acquisition ever made by a German company. The seed producer has a bad image, especially in Germany and France, admitted Condon, but one of them operates in more than 100 countries. Aside from Germany and France, there is "no significant negative impact on Bayer's reputation anywhere."
Condon is explicitly opposed to NGO reports that Monsanto would treat unfair farmers with related contracts. "Small farmers, who are gaining new seeds from the seeds we buy for their own use, we are not pursuing in principle," said the director.
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DJG / kla
(END) Dow Jones Newswires
November 11, 2018 5:39 am ET (10h39 GMT)
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