Bayer's Embattled CEO Faces Growing Shareholder Opposition
- BlackRock, Deka set to join small shareholders in protest vote
- Bayer looks to rally investors to avoid damaging AGM result
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Bayer AG is facing mounting opposition ahead of what’s shaping up to be its most contentious annual meeting in years, with influential shareholders faulting management for failing to foresee the risks of the company’s biggest deal ever.
A growing number of shareholders have said they won’t support executives and supervisory board members in a no-confidence vote at Friday’s annual meeting in Bonn, Germany. Though the vote has no legal weight, a low enough approval rating would throw into question the future of Chief Executive Officer Werner Baumann and other leaders who orchestrated the $63 billion acquisition of U.S. agriculture giant Monsanto.