Bayer Shares Rise on $10 billion Roundup-Settlement Report
24 January 2020 - 10:59PM
Dow Jones News
By Kim Richters
Shares in Bayer AG (BAYN.XE) are trading higher Friday after
reports over night that the German conglomerate could settle its
weedkiller legal cases for around $10 billion.
The chemical and pharmaceutical conglomerate has reportedly set
aside $8 billion to settle current cases related to its weedkiller
Roundup and $2 billion for future claims, according to
Bloomberg.
At 1113 GMT, Bayer's shares traded 3.1% higher at EUR76.40.
The mediation process was proceeding "diligently and in good
faith," a spokesman for Bayer said to Dow Jones Newswires. "There
is also no certainty or timetable for a comprehensive resolution,"
he said.
Settlements would end Bayer's legal disputes about the
glyphosate-based herbicide, which the company took over when
acquiring its inventor Monsanto Co. in 2018.
Bayer is facing claims from less than 50,000 plaintiffs,
according to company figures. Among the lawsuits are claims that
the weedkiller could cause cancer, which the company denies.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
January 24, 2020 06:44 ET (11:44 GMT)
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