The Fresenius headquarters in Bad Homburg, Hesse
Image: dpa
Activist investors are gaining influence in corporations such as Bayer and Fresenius, demanding a change in management or a break-up. Are they catalysts for upheaval – or rowdies who are looking for a quick buck?
IThings happened in quick succession this week: two large DAX companies came up with news that could steer their strategy in a new direction. The medical conglomerate Fresenius is considering simplifying its structure and removing the dialysis subsidiary FMC from the balance sheet. The Bayer Group in Leverkusen replaces its CEO Werner Baumann prematurely. The newcomer, William Anderson, comes from outside, from competitor Roche.
The personnel fueled assumptions that the pharmaceutical and agrochemical company could give in to pressure from the capital market and split up. In both cases, activist shareholders play a role: these investors buy in small blocks of shares, look for allies among investors and try to force reforms on the companies – sometimes only programs to increase returns, but often divisions are sold or split up, not infrequently changing the CEO .