German union opposes Bayer split after CEO departure - taz newspaper
Reuters
Published Feb 09, 2023 13:27
Updated Feb 09, 2023 14:14
BERLIN (Reuters) -Germany's IGBCE union opposes any splitting-up of Bayer (ETR:BAYGN) after the departure of its chief executive and warned that the company should not bow to pressure from hedge fund activism, taz newspaper reported on Thursday.
"From the point of view of the employees, Bayer with its three pillars is perfectly positioned for the challenges of the future," said IGBCE executive board member Francesco Grioli, who is also a member of the supervisory board at Bayer.
The company currently has three divisions - pharmaceuticals, consumer health and crop science.
"You can only manage the transformation of the industry with a corporate policy based on risk diversification and sustainability - not on hedge fund activism," Grioli told taz.
Bayer announced on Wednesday that it was replacing its CEO early, recruiting the former head of Roche's pharmaceuticals business, as investor criticism over the company’s lacklustre share price grew.
Bill Anderson's appointment for the top job, which takes effect from June 1, comes after shareholder pressure mounted over recent months to remove CEO Werner Baumann, who engineered Bayer's troubled Monsanto (NYSE:MON) takeover, and find an external successor.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.