April 4, 2019 / 2:50 PM / in 20 days

Bayer chairman backs management's strategy - Handelsblatt

FILE PHOTO: Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2019. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters) - Bayer’s supervisory board fully supports the company’s management regarding its strategy, including the acquisition of Monsanto, Chairman Werner Wenning told business daily Handelsblatt on Thursday.

The company’s executive board had assessed all risks related to Monsanto and its glyphosate weedkiller in “a most professional” way and fulfilled all relevant legal requirements, Wenning was cited as saying.

“I am convinced that we are doing the right thing,” the paper quoted him as saying.

Company filings showed this week that the supervisory board sought law firm Linklaters’ expert opinion for reassurance that the management board had complied with their duties when acquiring Monsanto for $63 billion last year.

Wenning backed the Monsanto deal throughout, sources familiar with the matter have told Reuters.

Reporting by Tassilo Hummel; Editing by Ludwig Burger

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