Bayer inches toward glyphosate settlement: WSJ

FILE PHOTO: Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2019. REUTERS/Wolfgang Rattay/File Photo

(Reuters) – Bayer AG has agreed on draft settlement terms with half a dozen law firms representing tens of thousands of plaintiffs alleging that its Roundup weedkiller causes cancer, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Shares of the German drugs and pesticides company have come under immense pressure since it lost the first U.S. lawsuit claiming that glyphosate-based Roundup, acquired via its takeover of Monsanto in 2018, causes cancer.

Last month, the company said it was in no rush to reach terms with plaintiffs’ lawyers and was less inclined to set aside funds for any deal following recent U.S. decisions in its favor.

Bayer had also said that based on average analyst predictions of a settlement worth about $10 billion, the company would not have to write down the value of the $63 billion Monsanto acquisition.

The settlement still appears poised to end up around $10 billion, the WSJ report here said, citing a person familiar with the matter.

A formal deal hasn’t been signed and could yet fall apart, the report added.

“Mediation discussions continue in good faith under a court order requiring confidentiality and the company cannot comment on speculation about outcomes, timing or progress,” a Bayer spokesman told Reuters on Friday.

Reporting by Manojna Maddipatla in Bengaluru; Editing by Krishna Chandra Eluri

Products You May Like

Articles You May Like

Prepare to study in Canada
Study permit: Who can apply
Canadian Government Faces Class-Action Lawsuit for the Terms of Its Closed Work Permit  
How To Immigrate To Canada As A Contractor Or Supervisor In The Construction Trades
Immigrants To Quebec More Likely To Be University Graduates, Analysis Finds
What Is an ESTA Visa: Apply for ESTA Visa to the USA
Canada Issues 3,000 Express Entry ITAs In New All-Program Draw

Leave a Reply

Your email address will not be published. Required fields are marked *