Friday, March 31, 2017

Electronic Eavesdropping Confirmed: CEO's Car Was Bugged During Takeover Talks

The head of Stada, the German drugmaker at the centre of a takeover battle, confirmed his car had been bugged last year but reassured investors that the company had not suffered as a result. "I have no reason to assume that any confidential business information went into the wrong hands," Chief Executive Matthias Wiedenfels told a news conference on Wednesday after the group announced annual financial results.

The disclosure comes at a sensitive time as Stada is the subject of a 4.7 billion euro ($5.1 billion) takeover fight between two rival private equity consortia. It was not clear who was responsible for the bugging and no suggestion that it was connected to the takeover battle.

Germany's Manager Magazin reported last week that Wiedenfels found a listening device in his car and that he was also anonymously sent photographs taken of him in confidential business situations and outside of the office.  more

Did you expect him to say, "Oh yes, confidential business information went into the wrong hands. The company has suffered as a result."

When was the last time you checked? Check here.