Bayer to Hold Closely Watched AGM Online This Year
March 27 2020 - 1:18PM
Dow Jones News
By Ruth Bender
BERLIN--Bayer AG said Friday that due to the coronavirus
pandemic it would hold its highly anticipated annual shareholder
meeting virtually this year, making use of a new law passed this
week to allows German companies to convene online stockholder
meetings for the first time.
The meeting is seen as a key gauge of investors' confidence in
Chief Executive Werner Baumann, who lost the trust of many
investors over his acquisition of Monsanto, which tipped Bayer into
a legal battle with plaintiffs who allege that the U.S. company's
Roundup weedkiller causes cancer.
At last year's meeting, Mr. Baumann became the first German CEO
in post-war history to lose a regular shareholder confidence vote
as shareholders vented their frustration at the steep share price
fall that followed the first Roundup verdict. Mr. Baumann was the
main architect of the Monsanto deal.
Analysts say the outcome of this year's vote on April 28 will
depend on whether Bayer can show it has made progress in talks with
plaintiff lawyers to settle the claims before the meeting by
then.
Many German companies, such carmaker Daimler AG and utility RWE
AG, in recent days announced they would postpone their regular
shareholder meetings until further notice.
Write to Ruth Bender at ruth.bender@wsj.com
(END) Dow Jones Newswires
March 27, 2020 14:03 ET (18:03 GMT)
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