Frankfurt — Bayer’s non-executive board reaffirmed its support for top management’s decision to acquire seed maker Monsanto last year, after losing high-profile lawsuits to US plaintiffs who claimed Monsanto’s Roundup weedkiller caused their cancer. In documents posted on the company’s website on Monday, the non-executive supervisory board said an expert opinion it commissioned from law firm Linklaters found that Bayer’s management had complied with their duties when acquiring Monsanto for $63bn last year. “The supervisory board extensively discussed this expert opinion and based on this also comes to the conclusion that the board of management acted in compliance with its duties,” it said. Bayer shares have lost more than 35% of their value, equivalent to about €33bn in market capitalisation, since August, when a US jury found Bayer liable because its Monsanto unit did not warn of Roundup’s alleged cancer risks. It suffered a similar courtroom defeat last month. Although the German...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.