US activist investor Jeff Ubben has called for Bayer to hire a new chief executive from outside its management ranks as his investment fund on Monday announced a stake in the German pharmaceuticals and crop science conglomerate.
Bayer has suffered from litigation over its weedkiller Roundup and years of shareholder discontent. Ubben’s more than €400mn stake, held through his firm Inclusive Capital Partners, amounts to 0.83 per cent of the company, the San Francisco-based firm said on Monday. Bayer’s shares closed up 2.6 per cent to €51.86 after the Financial Times first reported on Ubben’s investment.
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