© Reuters. FILE PHOTO: A bridge is decorated with the logo of Bayer AG, a German chemical and pharmaceutical manufacturer in Wuppertal, Germany, August 9, 2019. REUTERS/Wolfgang Ratta/File Photo
FRANKFURT (Reuters) – Bayer (OTC:) investor Union Investment criticized the Bayer chairman for a lack of commitment, such as exploring a spin-off of the company’s consumer health division, according to an interview with WirtschaftsWoche.
Bayer is facing demands from activist investor Bluebell Capital Partners to break up, with the sale of the company’s consumer health unit and, at a later stage, for a separation of Bayer’s pharmaceutical and agricultural businesses.
Bayer Chairman Norbert Winkeljohann “seeks dialogue with investors, but he should have started more,” Markus Manns, a portfolio manager at Union Investment, told WirtschaftsWoche.
“It definitely would have been a matter for the oversight board to help initiate a spin-off from Consumer Health,” Manns added. He noted that competitors’ CEOs are much more committed to creating shareholder value.
Winkeljohann and Bayer did not immediately respond to requests for comment.
