Bayer CEO says Monsanto's reputation is a 'major challenge'
Members of the supervisory board of German pharmaceutical and chemical maker Bayer AG are silhouetted against the company's logo at the annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, and Werner Wenning (R), chairman of Bayer's supervisory board, pose in front of the company's logo before the annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, is silhouetted at the company's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Security personal remove a banner reading 'Human rights instead of profits' as activists interrupt the speech of Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG at the company's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Activists protest against the merger of Germany's pharmaceutical and chemical maker Bayer with U.S. seeds and agrochemicals company Monsanto before Bayer's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
An activist prepares a placard to protest against the merger of Germany's pharmaceutical and chemical maker Bayer with U.S. seeds and agrochemicals company Monsanto before Bayer's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Activists protest against the merger of Germany's pharmaceutical and chemical maker Bayer with U.S. seeds and agrochemicals company Monsanto before Bayer's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Activists protest against the merger of Germany's pharmaceutical and chemical maker Bayer with U.S. seeds and agrochemicals company Monsanto before Bayer's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, appears on a video screen as he addresses the annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
An activist symbolically burns mock documents to protest against the merger of Germany's pharmaceutical and chemical maker Bayer with U.S. seeds and agrochemicals company Monsanto, before Bayer's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
Activists protest against the merger of Germany's pharmaceutical and chemical maker Bayer with U.S. seeds and agrochemicals company Monsanto before Bayer's annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay
BONN Bayer's chief executive acknowledged on Friday that he will face an uphill battle to improve Monsanto's reputation once Bayer completes the takeover of the U.S. seeds and agrochemicals company.
"Monsanto’s image does of course represent a major challenge for us, and it’s not an aspect I wish to play down," Werner Baumann told shareholders at Bayer's annual general meeting.
"Yet we are facing this challenge with all those qualities that have made us what we are today: openness, expertise and responsibility," he added.
Bayer and Monsanto plan to wrap up the $66 billion transaction by the end of 2017. As part of this, Bayer aims to file for European antitrust approval during the second quarter.
(Reporting by Patricia Weiss; Writing by Maria Sheahan; Editing by Ludwig Burger)