Mr. Condon, do you have Bayer shares?
Yes, of course.
How much money have you lost on your shares since the Monsanto agreement?
To be honest: I do not look at it. Shares are a long-term investment and fluctuate. It's as it is. I am very sure that the Bayer share will also recover.
The shareholders also hope. Since 2015, the stock price has halved almost from 139 euros to 70 euros. How long do the shareholders hold?
It's a bit unfair to start from this peak. Just before it became known in May 2016 that we discussed a takeover with Monsanto our stock price was about 95 euros – that would be the right basis for comparison. For investors and analysts, we hold a Capital Markets Day on December 5th. There we present our medium-term goals and explain where it will go with the company in the long run.
Bayer has lost ten billion euros in value since the takeover bid for Monsanto. Will the company become an acquiring candidate?
I do not think so. We are optimally positioned with our leading companies in attractive emerging markets. And with regard to the stock price, I suppose it will change again.
Managers should actually increase the value of the company, Bayer Board burns money. How do you see it on the top floor?
Of course, we are taking the current price trend very seriously. At the same time, we are convinced that we will create a lot of value with the Monsanto acquisition. The fall in prices since August is not due to Bayer's operational development, but primarily due to a first instance domain in the first glyphosate process. This has disturbed the capital market. We will appeal and we are convinced that the sentence will be lifted in the next case. We have very good arguments and science lies on our side.
Bayer says that glyphosate does not cause cancer, which points to an impressive number of studies. Why did not the court believe you?
The process took place in a very sensitive phase. Although we were already the owner of Monsanto on paper, due to the US Department of Justice, we had no influence on management and defense in court. The judgment is a jurydood in the first place and does not really change the fact that scientists and regulators around the world have found glyphosate for more than 40 years when used properly. Therefore, we are convinced that the judgment will not be ongoing.
Only in the US are 8700 additional trials waiting. How much money do you have in the war chest for legal risks?
We are insured at industry level and have allocated provisions for defense costs.
Do you also expect complaints in Germany?
We can not predict if and to what extent applications will be submitted outside of the United States. I do not want to wonder about it.