Bayer shareholder revolt rests on shame factor edwardcropley
Bayer shareholders including BlackRock will not support the German chemicals group’s management in a vote at its annual general meeting on April 26, Reuters reported on April 23.
Bayer reported a 45 percent gain in quarterly core earnings on April 25, following the $63 billion acquisition of seeds maker Monsanto last year. About 30 billion euros has been wiped off its market value since August, when it suffered its first legal defeat over claims that Monsanto’s Roundup weed killer caused cancer. Bayer is appealing the rulings.
BlackRock, which owns 7.2 percent of Bayer, plans to either abstain or vote against ratifying the management board’s actions over the past year, Reuters cited sources as saying. Such a vote features prominently at every German annual shareholder meeting. It carries no legal weight but is seen as an important gauge of investor sentiment and has triggered resignations at other large companies, including Deutsche Bank.
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