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Bayer board says that the hunt for Monsanto was done diligently



(Reuters) – Bayer AG's Board of Directors confirmed its support for the senior management's decision to acquire seed manufacturer Monsanto last year after losing high-profile trials to the US plaintiff claiming that Monsanto's Roundup tissue divisions caused their cancer.

In documents published on the company's website Monday, the non-executive board said an expert opinion commissioned by the law firm Linklaters found that Bayer's management had fulfilled its duties when they acquired Monsanto for $ 63 billion last year.

"The Supervisory Board largely discussed this expert opinion and is based on this also that the Board has acted in accordance with its tasks, it says.

Bayer's shares have lost more than 35% of their value, which corresponds to about $ 33 billion Euro (37.01

billion) in market value, since August, when a US jury found Bayer responsible because its Monsanto unit did not warn of Roundup's alleged cancer risks, it suffered a similar courtroom defeat last month.

Although the German The drug and pesticide industry appeals to the verdict, expecting more than 10,000 similar cases in state and federal courts, with analysts assuming that the company must pay billions of dollars in settlements.

Shareholders are expected to express their dissatisfaction at Bayer's Annual General Meeting on April 26. ] Monday's statement by the unknown board was published in a joint response from Bayer's management h Monitoring committees against motions as some shareholders to the meeting.

Managing Director Werner Baumann, who broke the cover of his quest for Monsanto within a few weeks after taking the top job in 2016, has said in newspaper interviews that he is supported by the board.

The board of directors of Germany's two-step board system has to sign off on major transactions and Bayer's leading chairman Werner Wenning returns

The US Environmental Agency, the European Chemicals Agency and other regulators have found that glyphosate, the active ingredient in Roundup, is not likely to be carcinogenic. for humans.

] The cancer arm of the World Health Organization in 2015 reached another conclusion, and classified glyphosate as "presumably human carcinogen".

                    


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