Top investor BlackRock will not back Bayer management in key vote
About €30bn has been wiped off the pesticides and drugs firm’s market value since August due to Masanto debacle
London/Frankfurt — Bayer’s largest shareholder, fund manager BlackRock, will not support the German company’s management in a key vote at its annual general meeting on Friday, say two people familiar with the situation. About €30bn ($34bn) has been wiped off the pesticides and drugs firm’s market value since August, when a US jury found Bayer liable because Monsanto, which it bought for $63bn in 2018, had not warned of alleged cancer risks linked to its weedkiller Roundup. Bayer suffered a similar courtroom defeat in March and more than 11,000 plaintiffs are claiming damages. BlackRock, which latest filings show owns 7.2% of Bayer’s voting rights, plans to either abstain from or vote against ratifying the management board’s actions during the year under review, the sources said. The largely symbolic vote of confidence “will send a message to the board” that BlackRock is not happy with the way Bayer’s management handled the Monsanto deal, one of the sources said. Recent defeats in...
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