Bayer flip flops amid Roundup settlement claims
A report claiming that Bayer (BAYN: DE) was proposing a multi-billion dollar settlement of its US lawsuits over the alleged-cancer causing properties of Roundup (glyphosate) herbicide led the company’s shares to jump as high as 8% at one point on Friday.
Bloomberg cited ‘people familiar with the negotiations’ as saying that the German life sciences group would pay up to $8 billion to settle claims from around 18,400 claimants, with Friday morning’s report admitting that the agreement might be months away.
This share rise was welcome, as during the 14-month period since Bayer’s $63 billion acquisition of Monsanto, the company’s market value has dropped by more than a third, largely due to the Roundup lawsuits.
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