Bayer shareholders rebuke CEO over Monsanto deal | Financial Times

Bayer’s supervisory board stood behind its chief executive and top management on Friday in spite of losing a shareholder confidence vote in the fallout from the German pharmaceutical group’s $63bn acquisition of Monsanto and the subsequent drop in its share price.

About 55 per cent of shareholders voted against ratifying the actions of the management board the company’s annual shareholder’s meeting in Bonn. The vote is not legally binding, but is seen as a gauge of investor sentiment towards Werner Baumann, the chief executive who orchestrated the 2016 deal.

The Monsanto acquisition, which made the group a leading player in seeds and herbicides, has left Bayer facing a deluge of lawsuits over allegations that Monsanto’s best-selling glyphosate-based weedkillers cause cancer.

Source: Bayer shareholders rebuke CEO over Monsanto deal | Financial Times

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