On Wednesday, the 26th of February 2020, Bayer AG, the Leverkusen-based German multinational pharmaceutical company, said in a statement that its Chair Werner Wenning, one of the draughtsmen of a disdainful $63 billion takeover deal for US-based bioscience company Monsanto that left one of the world’s leading pharmaceuticals Bayer with costly lawsuits, would be stepping down in April this year.
In point of fact, since the August of 2018, when the company had lost its first legal battle on Monsanto weedkiller Roundup over accusation that the weedkiller contained glyphosate that could result in cancers, a day that the company would never have witnessed unless Wenning had vouched for Bayer’s one of the costliest takeover deal in its history, the Leverkusen-based pharmaceutical giant had shrugged off a fourth of its market valuation thus far.
Nonetheless, adding that the German company had been making good progress on Monsanto’s weedkiller Roundup settlement deal with the US farmers, Wenning, 73, said in a statement on Wednesday (February 26th), “We have made and continue to make progress in handling the legal issues in the U.S.
That’s why now is a good time to hand over to my successor. ” Besides, Norbert Winkeljohann, who had been a member of Bayer AG’s supervisory board since 2018, would be succeeding Wenning following the German leading pharmaceuticals’ stakeholders’ meet scheduled to take place on April 28th, Bayer AG said in its Wednesday’s (February 26th) statement.