Bayer shareholders voted to pay £2.75bn in dividends just weeks before the firm received £600m as part of the British government's emergency loan scheme. Photo: Adam Berry, Getty Images
Chemicals manufacturers BASF and Bayer have been given enormous payouts of Covid-19 support cash from the British government just weeks after announcing plans to distribute billions to shareholders in dividends.
The world’s largest chemicals company BASF, which makes agricultural, industrial and automotive products at its eight UK plants, has received £1 billion in support funding — by far the biggest payout so far agreed under the UK scheme.
The news comes just weeks before BASF shareholders will vote on a
proposal for the company distribute to more than three times that amount to them in dividends, the chemicals giant confirmed to
Unearthed.
Meanwhile Bayer, which acquired Monsanto in 2018 and is one of the industry’s biggest players in its own right, was handed £600 million – the same amount given to troubled airlines Ryanair and easyJet to much fanfare.
The Bayer bailout, disclosed by Bank of England this afternoon in its latest
update on its COVID corporate financing facility, happened just weeks after shareholders
approved a plan to distribute dividends worth £2.75 billion.
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