Singapore state investor Temasek is pushing for the removal of Bayer Chief Executive Werner Baumann, Bloomberg reported on March 26.
Citing unnamed sources, the news agency said that Temasek had “long-standing concerns” about the operating performance of the German pharmaceutical and agrochemicals group, in which it held a 4% stake around the time the Monsanto deal closed in 2018. -Temasek was also concerned about a lack of succession-planning at the company, Bloomberg said. Temasek and Bayer declined to comment. Bayer’s next annual general meeting is on April 29.
Bayer shares rose as much as 3.5% on March 28 before falling back to be up 0.8% by 1400 GMT, against a 1.2% gain for Germany’s benchmark DAX index.Werner Baumann, CEO of Bayer AG, attends the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2020.