Bayer's non-executive board reaffirmed its support for top management'...
FRANKFURT - Bayer’s non-executive board reaffirmed its support for top management’s decision to acquire seed maker Monsanto last year, after losing high-profile lawsuits to U.S. plaintiffs who claimed Monsanto’s Roundup weedkiller caused their cancer.
In documents posted on the company’s website on Monday, the non-executive supervisory board said an expert opinion it commissioned from lawfirm Linklaters found that Bayer’s management had complied with their duties when acquiring Monsanto for $63 billion last year. Bayer shares have lost more than 35 percent of their value, equivalent to about 33 billion euros in market capitalization, since August, when a U.S. jury found Bayer liable because its Monsanto unit did not warn of Roundup’s alleged cancer risks. It suffered a similar courtroom defeat last month.
Chief Executive Werner Baumann, who broke cover on his pursuit of Monsanto within weeks of taking the top job in 2016, has said in newspaper interviews that he enjoys the backing of the supervisory board.
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