Bayer Shares Rise on Report of Progress on U.S. Lawsuits
25 Maggio 2020 - 11:19AM
Dow Jones News
By Jessica Sier
Shares in Bayer AG traded higher Monday morning following a
report that the German chemical company has made significant
headway in settling lawsuits in the U.S. related to its Roundup
weedkiller.
Bayer shares were 6.9% higher at EUR61.64 at 0840 GMT after
Bloomberg reported progress on the settlements.
According to a Bloomberg report, Bayer has made verbal
agreements with a large portion of about 125,000 U.S. cancer
lawsuits connected to use of its Roundup weedkiller. The potential
deals would cover an estimated 50,000 to 85,000 suits and are part
of a $10 billion plan to end the legal battle surrounding the
product, Bloomberg reported, citing sources.
"We have made progress in the Roundup mediation discussions,"
Bayer said in a statement responding to the report. Bayer declined
to comment on specifics or the potential timing of any
announcements.
"As we have said previously, the company will consider a
resolution if it is financially reasonable and provides a process
to resolve potential future litigation."
Bayer has been negotiating settlements over claims that its
Roundup herbicide causes cancer. The Roundup product was inherited
as part of the company's $63 billion acquisition of agricultural
chemicals company Monsanto in 2018.
Bayer said there were 52,500 plaintiff cases as of April 14, as
previously reported. But the company expects the number to
rise.
"We expect these numbers will rise given the heavy plaintiff
advertising --$100 million in plaintiff TV advertising in 2019
alone--combined with speculation about settlement, factors that
have driven up plaintiff numbers in the past," Bayer said.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
May 25, 2020 05:04 ET (09:04 GMT)
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