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FRANKFURT (Reuters) – Bayer's management retains the support of its supervisory board, said its chief executive, after pressure on the company grew when a second jury in the US ruled that its Roundup carcinogen, based on glyphosate, caused the cancer.
FILE PHOTO: Werner Baumann, CEO of Bayer AG, poses for a photo at the German Pharmaceutical Manufacturer's Annual Press Conference in Leverkusen, Germany, on February 27, 2019. REUTERS / Wolfgang Rattay / File Photo
Bayer, which denies the claims that glyphosate or Roundup is the cause of cancer, bought Monsanto, the maker of Roundup, for $ 63 billion in the same year.
His shares have fallen by a third in the last 12 months, weighed down by thousands of lawsuits for an alleged link with cancer with Roundup.
"Glyphosate lawsuits in America have a significant impact on the price of the stock," said General Manager Werner Baumann to Frankfurter Allgemeine Sonntagszeitung (FAS).
"The Board of Directors has the full support of the Supervisory Board," Baumann, Bayer's Chief Executive Officer, added for almost three years.
A US jury concluded last week that Roundup had caused cancer, a heavy blow to the company eight months after another jury had handed down a verdict of $ 289 million on similar claims in a different case. This amount was subsequently reduced to $ 78 million and is being appealed.
Baumann defended Bayer's decision to acquire Monsanto, saying "it was and is a good idea," according to the interview with FAS.
Asked about a possible dissolution of Bayer, Baumann said his group had a clear strategy based on three divisions: pharmaceuticals, cultural sciences and consumer health.
"We want to strategically develop these three pillars, the three markets are attractive."
There has been talk of a breakup since it emerged in December that the Elliott Activist Fund had taken a stake.
Reportage of Christoph Steitz; Edited by Keith Weir
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