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☆ German regulator eyes Ozempic export ban amid shortages across Europe
▼ + stars: | 2023-11-15 | by ( Ludwig Burger | ) www.reuters.com time to read: +5 min

Use of Ozempic for weight loss has caused shortages across Europe. Novo Nordisk, which has earmarked $6 billion to boost production in Denmark, said last week the industry was far from being able to produce enough weight-loss drugs to meet global demand. The German association of drug wholesale distributors PHAGRO said in a statement that there was no certainty that exports were causing the shortages. Portugal, Poland, Romania, Belgium, Slovakia and Spain, in turn, have rules in place that likely make it impossible to export the drug, Affordable Medicines said. It also urged "all relevant actors" not to export the drugs.

Persons: George Frey REFILE, Spiegel, Lilly, Karl Broich, Eli Lilly's, tirzepatide, BfArM's Broich, Broich, PHAGRO, Germany's BfArM, Ludwig Burger, Miranda Murray, Patricia Weiss, Matthias Williams, Sharon Singleton Organizations: Novo Nordisk, Pharmacy, REUTERS, BfArM, EU, Novo Nordisk's, Spiegel, European Union, Medicines, Thomson Locations: Provo , Utah, U.S, FRANKFURT, United States, Europe, Britain, Belgium, Germany, Norway, Denmark, Medicines Europe, Austria, France, Greece, Czech Republic, Portugal, Poland, Romania, Slovakia, Spain, Frankfurt, Berlin

FRANKFURT, Sept 14 (Reuters) - Bayer's (BAYGn.DE) new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said. But the new CEO will likely have only a short respite period to come up with concrete strategic proposals. Anderson has been tasked with reviving Bayer's share price, which has underperformed rivals, weighed down by the lingering costs of U.S. weedkiller litigation. Anderson said last month he was not ruling out any options as part of his review of the company's strategy and structure, saying he was "leaving no stone unturned". He added he would provide an initial update in the coming months and detailed plans in early 2024.

Persons: Bill Anderson, Anderson, Roche, Oliver Kohlhaas, Kohlhaas, Werner Baumann, Ludwig Burger, Patricia Weiss, Emma, Victoria Farr, Josephine Mason, David Holmes Organizations: Bayer, McKinsey, Artisan Partners, Reuters, Bluebell Capital Partners, Thomson Locations: FRANKFURT, Frankfurt

REUTERS/Wolfgang Rattay/File PhotoFRANKFURT, Aug 7 (Reuters) - Germany's BioNTech (22UAy.DE), Pfizer's (PFE.N) partner on COVID-19 vaccines, cut its drug development budget for this year after quarterly revenues were hurt by a plunge in pandemic-related demand. The quarterly net loss was 190 million euros, down from a COVID-19-fuelled profit of 1.67 billion euros a year earlier. The company said it cut its projected research and development (R&D) budget for this year to between 2 and 2.2 billion euros, down from between 2.4 and 2.6 billion euros previously forecast. R&D expenditures were 1.54 billion euros last year. BioNTech reaffirmed its outlook for COVID-19 vaccine revenues to reach about 5 billion euros in 2023, down from 17.2 billion euros last year, expecting a renewed sales boost from an inoculation campaign in the fall.

Persons: Wolfgang Rattay, Jens Holstein, BioNTech, Ludwig Burger, Miranda Murray, Friederike Heine, Louise Heavens Organizations: REUTERS, Pfizer, Thomson Locations: Mainz, Germany

FRANKFURT/LONDON, July 26 (Reuters) - German industry is finding new ways to transport cargoes from coal to chemicals as increasingly frequent low water levels on the Rhine disrupt Europe's largest economy. At Kaub , the critical chokepoint for Rhine barges, water levels fell to their lowest this year earlier this week. ARTERY OF THE ECONOMYThe impact of low water levels is not limited to big business. But logistics firms are benefiting from rising demand for vessels adapted to lower river levels. "We expect, due to climate change, that the extremes on the river Rhine will happen more often," said Maickel Uijtewaal, general manager at Stolt-Nielsen (SNI.OL).

Persons: Uwe Arndt, Barbara Hoyer, majeure, Roberto Spranzi, Maickel Uijtewaal, Steffen Bauer, Christoph Steitz, Vera Eckert, Ludwig Burger, Patricia Weiss, Rene Wagner, Nette, Tom Kaeckenhoff, Matthias Inverardi, Vincent Flasseur, Barbara Lewis Organizations: Federal Waterways, Shipping Agency, Reuters Graphics, Cologne, BASF, Reuters Graphics Reuters, Kiel Institute, Deutsche Bank, Reuters, Stolt, Nielsen, HGK Shipping, Daniels, Midland Co, Chemicals, Thomson Locations: FRANKFURT, LONDON, Kaub, Europe, Reuters Graphics Germany, Ludwigshafen, HGK, Frankfurt, Berlin, Duesseldorf, London

Interviews with seven doctors and two other potential users of Wegovy from Germany, where Novo Nordisk's (NOVOb.CO) weight-loss drug will become available at the end of July, show the office administrator isn't alone. Allianz (ALVG.DE) says it will pay if a physician diagnoses a medical need while Debeka said its plans exclude weight-loss treatments. In Germany, Wegovy will be administered with the same injection pen used in Norway and Denmark, not the one used in the United States to avoid hitting supplies there. "Patients are so desperate in Germany that they will pay out of their pocket for the medication." "My experience is that people will be able to pay for it out of (their own) pocket," said Horbach.

Persons: Doctor Thomas Horbach, Wegovy, Novo, Jessica Lenth, isn't, I've, Lenth, Debeka, Robert Koch, Danish drugmaker, Sylvia Weiner, Karl Rheinwalt, Thomas Horbach, Weiner, Rheinwalt, Juergen Ordemann, Michael Wirtz, Wirtz, Irina Ernstberger, Ernstberger, Ludwig Burger, Maggie Fick, Patricia Weiss, Josephine Mason, Catherine Evans Organizations: Novo Nordisk, FRANKFURT, Reuters, Allianz, European Union, Robert Koch Institute, Sana Klinikum, St, Hospital, Ozempic, Novo, Thomson Locations: Germany, Munich, LONDON, Hamburg, Wegovy, United States, Danish, Norway, Denmark, Sana, Frankfurt, St Franziskus, Hospital Cologne, Berlin's, Winsen, Lower Saxony, London

[1/3] A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. It highlights the challenge Novo and rivals face in convincing European governments to pay for obesity drugs, which analysts say is likely to slow their take-up there. Germany's health ministry told Reuters there were no plans to change the law to cover weight loss drugs. DIFFERENT PICTUREIn the United States, the federal Medicare health plan for older Americans is prohibited from covering weight-loss drugs. Many health plans paid for by large employers will cover Wegovy, although they may require that patients try a rigorous diet programme or cheaper drugs first.

Persons: Jim Vondruska, Wegovy, Martin Merkel, Merkel, Duane Mellor, Novo, Lars Fruergaard Jorgensen, Michael Wirtz, Terence McManus, Phil McEwan, they've, McEwan, Patricia Weiss, Josephine Mason, Catherine Evans Organizations: REUTERS, Novo Nordisk, Wegovy, Europe's, pharma, European Union, Endocrinology Society, Aston University in, Reuters, Bellevue Asset Management, Barclays, Thomson Locations: Chicago , Illinois, U.S, Germany, FRANKFURT, Aston University in Birmingham, England, Wegovy, Europe, Danish, Berlin, Norway, Denmark, Britain, United States, Switzerland, Bellevue, EU, Cardiff , Wales, Frankfurt

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

HAMBURG, June 11 (Reuters) - BioNTech (22UAy.DE) will go to court on Monday to defend itself against a lawsuit from a German woman who is seeking damages for alleged side effects of its COVID-19 vaccine, the first of potentially hundreds of cases in the country. The plaintiff claims she suffered upper-body pain, swollen extremities, fatigue and sleeping disorder due to the vaccine. Tobias Ulbrich, a lawyer at Rogert & Ulbrich, told Reuters he aimed to challenge in court the assessment made by European Union regulators and German vaccine assessment bodies that the BioNTech shot has a positive risk-benefit profile. Almost 768 million vaccine doses have been administered in the European Economic Area (EEA), which includes the 27 EU member states plus Iceland, Liechtenstein and Norway. Rogert & Ulbrich says it has filed about 250 cases for clients seeking damages for alleged side-effects of COVID-19 vaccines.

Persons: Tobias Ulbrich, Caesar, Preller, Ludwig Burger, Patricia Weiss, Emilio Parodi, Natalie Grover, Sam Tobin, Josephine Mason, Mark Potter Organizations: Reuters, European Union, Pfizer, European Medicines Agency, EMA, Economic, BioNTech, United, Thomson Locations: HAMBURG, Hamburg, Germany, Iceland, Liechtenstein, Norway, United States, Italy, Milan, London

FRANKFURT, June 6 (Reuters) - The CEO of German technology group Merck KGaA (MRCG.DE) said that unravelling trade ties with China would come at great economic costs and that she was banking on dialogue to ease tensions between Beijing and Western powers. Belen Garijo, the Spanish CEO of the German maker of drugs, lab equipment and semiconductor chemicals, said late on Monday that dependencies between the powers were huge, speaking at a journalist club event in Frankfurt. But the two sides on Tuesday described meetings after the incident between senior U.S. and Chinese officials as constructive. For months, U.S. and German lawmakers have called for a reduction in trade to cut dependency on China. CEO Garijo said the company would look closely into "different scenarios on the basis of the potential escalation of the conflict", but such an escalation was not likely.

Persons: Belen Garijo, Garijo, Robert Habeck, Chancellor Olaf Scholz's, Ludwig Burger, Patricia Weiss, David Evans Organizations: Merck, U.S, Thomson Locations: FRANKFURT, China, Beijing, Spanish, Frankfurt, Chinese, U.S, Taiwan, Berlin

☆ German tax fraud mastermind handed further 8-year jail sentence
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

Berger had already been sentenced to eight years in jail in December after a similar trial. The public prosecutor had demanded a prison sentence of 10 and a half years and the confiscation of assets. Berger's sentences follow nearly a decade of investigations that government officials say span around 1,500 suspects and 100 banks on four continents. Authorities have raided the German branches of companies including Barclays (BARC.L), Bank of America (BAC.N), JP Morgan (JPM.N) and Morgan Stanley (MS.N) in their investigations. In September, Bank of New York Mellon Corp (BK.N), Germany's Warburg Group and Deutsche Bank (DBKGn.DE) said they would pay a combined 60 million euros to tax authorities over the scandal.

BioNTech reaffirmed its outlook for revenues from the shot to reach about 5 billion euros in 2023, down from 17.2 billion euros last year. It also repeated that its research and development (R&D) budget would be between 2.4 and 2.6 billion euros this year, up from 1.54 billion euros last year, as it hires scientists and initiates more expensive late-stage trials. And it reiterated that it remained in talks with the European Union about deferred or reduced COVID-19 vaccine deliveries as it re-negotiates a bulk purchase contract. The company declined comment on the state of discussions on the price to be paid per shot. ($1 = 0.9052 euros)Reporting by Ludwig Burger and Patricia Weiss, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Tom KaeckenhoffLEVERKUSEN, Germany, April 5 (Reuters) - Incoming Bayer (BAYGn.DE) chief executive Bill Anderson says he is keeping an open mind on whether to break up the company into smaller pieces, as some fidgety investors want. "That's why I said I am going to have an open mind," he said. On the stock market Bayer, once the most valuable company on Germany's DAX blue-chip index, is now worth only about the same as it paid for Monsanto. At Bayer, he said he did not have his own desk and made use of the company's meeting rooms as needed. Professing a love of American football, hiking and snowboarding, he was also effusive about Bayer as a company and its heritage of medicines such as Aspirin.

☆ Exclusive: Germany's Stada asks Berlin to help secure its future in Ukraine
▼ + stars: | 2023-04-04 | by ( Patricia Weiss | ) www.reuters.com time to read: +2 min

In the March 21 letter to German Economy Minister Robert Habeck, Stada CEO Peter Goldschmidt said there was a risk Kyiv might withdraw the company's market authorisation. Habeck promised investment guarantees for German companies during a trip to Ukraine on Tuesday as part of his goal to speed up reconstruction in the war-torn country. Pharmaceutical companies such as Stada and German rivals Bayer (BAYGn.DE) and Boehringer Ingelheim continue to deliver medicines to the country. Stada is very keen to maintain its presence in Ukraine, Goldschmidt told Habeck. "Therefore, we would like to ask you again for your support and for clear signals in the direction of Ukraine to strengthen German companies there," his letter added.

FRANKFURT, March 24 (Reuters) - Bayer (BAYGn.DE) said the focus of its drug research would shift away from women's health, a traditional pillar of Germany's largest drugmaker, to hone in on neurology, rare diseases and immunology. "When it comes to research and the subsequent clinical phases, we will no longer have an explicit focus on women's health," the head of Bayer's pharmaceuticals unit, Stefan Oelrich, told Reuters on Friday. The shifted focus comes as Bayer is due to have a change at the top in June. Bayer, which acquired a large women's health business under the 2006 takeover of Schering Pharma, will focus drugs research on oncology, cardiovascular disease, neurology, rare diseases and immunology, the company said in a statement. Research efforts in immunology could still yield products in women's health but Bayer's dedicated work on the therapeutic area overall had fallen short of expectations, he said.

A version that was leaked earlier this year showed that Brussels was preparing to shorten an additional period of intellectual property protection, known as data exclusivity, which comes on top of drug patent protection. "The duration of data exclusivity, which may be reduced, could actually have a catastrophic impact for Europe," he said. He said the intentions of Brussels lawmakers - improving patient access to innovative drugs while making the European pharma sector more competitive - were noble but any shortening of intellectual property protection would have the opposite effect. Bayer shares lag'HIGHLY ATTRACTIVE'In the United States, a different set of drug market rule changes are underway, with some of the highest-selling products set to see negotiated price discounts under the Inflation Reduction Act (IRA). Among the biggest drivers was the company's decision to prepare a U.S. launch of its next-generation stroke prevention drug asundexian on its own.

☆ Bayer braces for falling profits in challenge for new CEO
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Bayer said in a statement that earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros and 13 billion euros ($13.2 billion - $13.8 billion) this year, excluding the effect of currency swings. Bayer said this month it would replace its CEO early, recruiting former Roche (ROG.S) executive Bill Anderson, amid demands by some investors that Bayer should simplify its diversified structure and split into separate groups. A $6.4 billion provision remained on the balance sheet for glyphosate payouts, the larger of the two legal burdens. So Bayer should really not be on the buy list of many investors at the moment," said Molnar. Bayer saw herbicide sales jump 44% in 2022 after hurricane Ida damaged rival producers and constrained Chinese suppliers failed to plug the gap.

☆ Bayer sees lower 2023 operating profit on cost inflation
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 28 (Reuters) - Agriculture and healthcare company Bayer (BAYGn.DE) said operating earnings would likely decline in 2023, hurt by higher costs and the reversal of last year's price boost for its glyphosate-based weedkillers. In a statement on Tuesday, Bayer said earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros ($13.23 billion) and 13 billion euros this year, excluding the effect of currency swings. In his last presentation of the company's quarterly results, Chief Executive Werner Baumann said the company is active in the right areas of business. For 2023, "the company anticipates lower prices for agricultural herbicides as well as for some of its established pharmaceutical products," Bayer said, also citing high inflation-driven cost increases. ($1 = 0.9447 euros)Additional reporting by Patricia Weiss Editing by Friederike Heine, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Healthcare group Fresenius (FREG.DE) said late on Tuesday it would give up strategic control over FMC via a planned change of the division's legal form, also releasing annual results and an outlook that failed to impress investors. Fresenius CEO Michael Sen, a former E.ON (EONGn.DE) and Siemens (SIEGn.DE) executive who took over the helm in October, wants to simplify the company's structure but said he will hang onto the 32% stake Fresenius owns in FMC. This makes a sale more likely in the future, said Florian Oberhofer, portfolio manager at Union Investment, which holds 0.26% of Fresenius shares. Sen said Fresenius was banking on a business improvement at FMC and Vamed and on participating financially in this through its holdings in both. FMC and Fresenius shares lagReporting by Ludwig Burger and Patricia Weiss; Additional reporting by Christoph Steitz; Writing by Rachel More; Editing by Josephine Mason, Elaine Hardcastle and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Bayer's new CEO has a full in-tray as investors push for change
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

February 9 - By Ludwig Burger and Patricia WeissFRANKFURT (Reuters) - Bayer's incoming CEO is inheriting a full in-tray from his predecessor: Thousands of lawsuits claiming its weedkiller causes cancer, an underwhelming drug development pipeline and disgruntled investors looking for major change. "The most important task for Bill Anderson is to regain investors' trust," said Markus Manns, a portfolio manager at Germany's Union Investment, a top 20 shareholder. Bayer's shares lag those of its global rivals, having fallen about 40% - knocking about 30 billion euros off its market valuation - since it bought Monsanto in 2018 for about $63 billion. Baumann's early exit has stirred debate about what the 56-year-old Anderson can do to restore investor trust and boost Bayer's shares. A stand-alone pharmaceuticals business, with 18.3 billion euros in 2021 sales, could also become a takeover target.

☆ Fresenius in talks about deconsolidation of FMC - WirtschaftsWoche
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - The chief executive of German health care group Fresenius (FREG.DE) is preparing a deconsolidation of Fresenius and its struggling subsidiary Fresenius Medical Care (FMC) (FMEG.DE), business magazine WirtschaftsWoche reported on Thursday, citing sources close to the supervisory board. Chief Executive Michael Sen's goal is for Fresenius to relinquish control over FMC and no longer have to fully consolidate the dialysis company, WirtschaftsWoche added. Shares in Fresenius rose 5% to a five-month high soon after the report was published while FMC shares slipped 2% initially. Sen is negotiating the plan with the major shareholder Else-Kroener-Fresenius-Stiftung, which controls Fresenius, WirtschaftsWoche reported. U.S.-focused kidney dialysis specialist FMC's chief executive stepped down in December, marking the second leadership change in as many months.

☆ Bayer picks outsider Anderson as CEO after investor pressure
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

News of the CEO change sent the German drugs-to-pesticides giant's shares to their highest level in nearly eight months. Shares in Bayer closed up 6% on the news of the new CEO, reaching the top of Frankfurt's blue-chip index and hitting their highest level since June last year. "Bill Anderson's mission is clear: enable Bayer to realize its full potential and create sustainable value for our shareholders, farmers, patients, consumers, employees, and all stakeholders of the company," Winkeljohann added. Sources told Reuters earlier this week that activist investor Jeff Ubben had contacted fellow investors to drum up support for big changes at Bayer, including the swift replacement of Baumann. Reporting by Patricia Weiss, Kirsti Knolle and Christoph Steitz; Editing by Tom Sims and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

The campaign increases the pressure on non-executive Chairman Norbert Winkeljohann, who has faced calls from large shareholders for the swift replacement of Chief Executive Werner Baumann, who engineered Bayer's troubled Monsanto takeover. The approaches come after Ubben's activist investment fund Inclusive Capital Partners said last month it had bought a 0.83% stake in Bayer. David Herro, deputy chairman of Harris Associates, told Reuters in brief emailed comments that Ubben had contacted him to discuss Bayer. A spokesperson said Bayer was always open to a constructive dialogue with shareholders and declined to comment further. Investors who have publicly called for a swift CEO change hold at least a combined 6.7% in Bayer, according to Refinitiv data.

FRANKFURT, Jan 31 (Reuters) - A top-10 shareholder of Bayer (BAYGn.DE) on Tuesday called on the group's supervisory board head to replace chief executive Werner Baumann quickly, adding to investor pressure to restore trust and revive the German drugmaker's sagging share price. But shareholders have also cited a lack of market trust in its top management as a growing burden. "When it comes to CEO succession we say: the sooner the better," Markus Manns, a portfolio manager at Union Investment, one of Bayer's 10 biggest shareholders, told Reuters. Union Investment's Manns cautioned that the non-executive supervisory board may need time to find a qualified candidate. A Bayer spokesperson said the company was always open to a constructive dialogue with shareholders and declined to comment further.

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