Bayer investor Jeff Ubben has contacted fellow shareholders in the German group, investors and sources familiar with the matter told Reuters, in an apparent attempt to rally support for big changes at the drugs-to-pesticides company.
The campaign increases the pressure on non-executive Chairman Norbert Winkeljohann, who has faced calls from large shareholders for the swift replacement of Chief Executive Werner Baumann, who engineered Bayer's troubled Monsanto takeover.
The approaches come after Ubben's activist investment fund Inclusive Capital Partners said last month it had bought a 0.83% stake in Bayer.
Ubben told the Financial Times at the time he would prefer an external candidate to replace Baumann and that while a break-up of the group may not be necessary, it needs to be considered.
David Herro, deputy chairman of Harris Associates, told Reuters in brief emailed comments that Ubben had contacted him to discuss Bayer. He did not provide further details.
Ubben has also been in touch with a portfolio manager at a large German mutual funds firm, and proposed a meeting, according to a person familiar with the matter.
Another source said Ubben had reached out to a large number of institutional Bayer investors to get support for a campaign to quickly replace Baumann with a candidate from outside the company to revive the sagging share price.
The investors declined to be identified due to the sensitivity of the matter.
Ubben did not respond to requests for comment.
A spokesperson said Bayer was always open to a constructive dialogue with shareholders and declined to comment further.
Two large German mutual companies and major Bayer shareholders Union Investment and Deka have also said they would like a swift CEO changeover at the group, whose business spans drugs, consumer healthcare products, seeds and pesticides.
Investors who have publicly called for a swift CEO change hold at least a combined 6.7% in Bayer, according to Refinitiv data.
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