Investor revolt at Bayer to escalate after CEO keeps his job

Lower market value: Bayer logo sits on the exterior of the company’s pharmaceutical factory in Berlin. Bayer has lost 35 billion euros (US$39bil) in market value, due in large part to subsequent lawsuits that allege the main ingredient of Roundup – the weedkiller Bayer acquired through Monsanto – causes cancer. — Bloomberg

FRANKFURT: The shareholder rebellion at Bayer AG is poised to worsen after its supervisory board ignored an unprecedented no-confidence vote against the leadership of chief executive officer Werner Baumann.

Several top investors of the German chemicals and drugs giant are frustrated with directors’ decision to back Baumann and his strategy that led to the US$63bil takeover of Monsanto, according to people familiar with the matter.