FRANKFURT, March 23 The chief executive of
German drugmaker Stada, which has faced activist
pressure to overhaul its strategy and has received two takeover
approaches, was bugged, Germany's Manager Magazin said on
Manager Magazin said Matthias Wiedenfels, who became CEO
last summer, found a bugging device in his car and received
anonymous letters containing photographs that depicted him in
private or confidential business situations. The magazine, which
did not cite sources or say who was behind the bugging, said the
incidents took place in the second half of last year.
Stada declined to comment.
Public prosecutors in the city of Giessen, who cover the
city of Bad Vilbel where Stada is based, were not immediately
available to comment.
The drugmaker is the subject of takeover approaches from two
private equity consortia but has postponed the structured
auction to give the bidders a chance to improve their offers.
Investors including Active Ownership Capital (AOC) have
criticised Stada's management through a high-pressure campaign
which culminated in long-serving CEO Hartmut Retzlaff's
resignation last year. Retzlaff was replaced by Wiedenfels in
(Reporting by Edward Taylor and Patricia Weiss; Editing by