Asim Rahman

The acquisition terms reflect paying a very high valuation multiple and the deal could constrain inorganic investment in the pharma division at a time when the future pipeline of this division is a key concern for investors, following a future integration of Monsanto, Bayer could find itself with a weakened pharma business.

We cannot accept the Board's decision to deny shareholders any opportunity to vote on it ... Technically the transaction does not require shareholder approval, but an endorsement by shareholders would provide an opportunity to repair market trust in the investment case.