Bayer Not to Increase $2 Billion Provision After Negative Court Ruling
Bayer said on Thursday it was not increasing its $2 billion in provisions after a US judge rejected its class action proposal to settle future claims related to its Roundup and other glyphosate-based weedkillers, which would have provided compensation in return for placing limits on lawsuits.
"We are determined to resolve the Roundup litigation and minimise the risk to our company from the existing and potential future lawsuits. We remain open to settlement negotiations on the remaining lawsuits, as long as the terms are reasonable. However, we will review this approach in the future.”, Bayer CEO - Werner Baumann commented.
Bayer shares fell 3.7% in early trading in Frankfurt on Thursday at the failure of the plan to settle part of the legal risks from Roundup, which the Germany company acquired with its $63 billion purchase of Monsanto in 2018.
Bayer additionally said it "will immediately engage with partners to discuss the future of glyphosate-based products in the US residential market”, which has been the source of most claims that Roundup caused cancer.
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