FRANKFURT (Reuters) – The Bayer investor Union Investment criticized Bayer’s chair for a lack of engagement, such as exploring a spin-off of the company’s consumer health division, according to an interview in WirtschaftsWoche.

Bayer is facing demands from activist investor Bluebell Capital Partners to break up, with a sale of the company’s consumer health unit and, at a later stage, for a separation of Bayer’s pharmaceuticals and agriculture businesses.

Bayer Chair Norbert Winkeljohann “does seek dialogue with investors, but he should have initiated more,” Markus Manns, portfolio manager at Union Investment, told WirtschaftsWoche.

“It would definitely have been a matter for the supervisory board to help initiate a spin-off of Consumer Health,” Manns added. He noted that chairs at competitors are much more engaged in creating value for shareholders.

Winkeljohann and Bayer did not immediately respond to requests for comment.

(Reporting by Tom Sims; Editing by Tomasz Janowski)