Two of Bayer's largest German investors said the drugmaker's embattled...
FRANKFURT - Two of Bayer’s largest German investors said the drugmaker’s embattled management needed to stay at the helm for now to avoid further upheaval, despite a share price slump in the wake of the $63 billion Monsanto takeover.
The backing for Chief Executive Werner Baumann comes after an unprecedented rebuke at the annual shareholder meeting on Friday, where a majority of investors cast a vote of disapproval of top management’s actions. “The scale of the litigation risks won’t become clearer before next year, that’s why we think it’s fair and necessary to grant top management more time,” he said in a written statement over the weekend.
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