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)

Copyright (c) 2020 Dow Jones & Company, Inc.
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