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4/27, 4:14 AM (Source: TeleTrader)
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Bayer shareholders vote against $63B Monsanto takeover

The shareholders of Bayer AG voted against the company’s $63 billion planned acquisition of Monsanto, media reported. 55.5% of the pharmaceutical giant’s shareholders voted to disapprove of the expected takeover.

“There's no way to make this look good. The lawsuits and the first verdicts weigh heavily on our company and it’s a concern for many people,” Bayer Chief Executive Officer Werner Baumann commented. The news of the shareholders’ decision comes after Bayer reported earlier in the week a 42% decrease in earnings per share for the first quarter of fiscal 2019.

Although the vote is not legally binding for Bayer’s board of directors, it is seen as an indicator of the investors’ opinion of the deal.

Breaking the News / SS