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Bayer CEO rebuked over Monsanto acquisition

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Majority of shareholders vote against absolving Werner Baumann and other managers of responsibility for their actions in the $63bn takeover in 2018

Bayer CEO Werner Baumann. Picture: REUTERS

That is where the German pharma and chemicals giant faces 13,400 lawsuits claiming that Monsanto’s Roundup weedkiller causes cancer. Even as it fights the cases, the company’s shareholders handed CEO Werner Baumann an unprecedented rebuke last week. Bayer’s board circled the wagons afterward, saying it maintains full confidence in Baumann. Several top investors consider the move a sign that Bayer is unwilling to address shareholder concerns, according to people familiar with the situation.The vote was non-binding, but other German CEOs have lost their jobs even after securing more support than Baumann.

 

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