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Bayer chief executive and senior management lost a vote of confidence on Friday over questions over the legal spin-offs from the German drug giant's acquisition of Monsanto for $ 63 billion, as well as the fall in its share price action.
About 55% of the shareholders voted against the ratification of the acts of the board of directors at the annual meeting of shareholders of the company in Bonn. The vote is not legally binding, but is seen as an indicator of investor sentiment towards Werner Baumann, the managing director who orchestrated the 2016 deal.
The acquisition of Monsanto, which makes the group a major player in the seed and herbicide sector, has left Bayer struggling with litigation over claims that Monsanto's best-selling glyphosate herbicides are at the origin of cancer. This month, about 13,400 plaintiffs were sued against Monsanto.
Bayer shares have fallen nearly 35% since August, when an American jury awarded $ 289 million in damages to a school gardener and said his illness was caused by his repeated exposure to Roundup and Ranger Pro , two Monsanto herbicides containing chemical glyphosate.
"There is no way out. The lawsuits and first verdicts about glyphosate put a heavy burden on our society and worry many people, "said Baumann at Friday's meeting, according to Reuters. He argued that the stock price of the company did not reflect the true value of the company.
A spokesman for the company said Bayer's supervisory board was meeting to discuss the vote.
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