April 26, 2019 / 8:45 PM / 24 days ago

Shareholders rebuke Bayer bosses over Monsanto-linked stock rout

FRANKFURT, April 26 (Reuters) - Bayer shareholders on Friday cast a vote of disapproval of the German drugmaker’s top management amid anger over a stock price slump as litigation risks mount from the $63 billion takeover of seed maker Monsanto.

A Bayer spokesman said a majority of shareholders at its annual general meeting voted against ratifying the board’s business conduct during 2018.

Such a vote features prominently at every German AGM. It is largely symbolic because it has no bearing on management’s liability or tenure but it is seen as a key gauge of investor sentiment.

Bayer’s non-executive supervisory board, in turn, won a majority of the votes ratifying its business conduct during 2018, the spokesman said. (Reporting by Ludwig Burger Editing by James Dalgleish)

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