Bayer Shares Up After EPA Restates Glyphosate View
May 02 2019 - 10:01AM
Dow Jones News
By Ruth Bender
Bayer AG's (BAYN.XE) shares are getting a boost from the
Environmental Protection Agency's reiteration of its long-held
conclusion that glyphosate, the world's most widely used herbicide,
is safe when used as directed and doesn't cause cancer.
On Thursday at 1300 GMT shares in the German company were up
about 4% against a largely flat DAX, which was just 0.1% in the
green. The EPA published its assessment of glyphosate on Tuesday
but markets were closed Wednesday in Germany due to a public
holiday.
Bayer faces lawsuits from some 13,400 plaintiffs claiming its
weedkillers containing glyphosate gave them cancer and the
company's shares shed about 30% of their value since it lost the
first two trials.
Shareholders have been turning against management's decision to
buy Monsanto Co., which exposed Bayer to the lawsuits. Bayer is
appealing the verdicts and argues that its Roundup weedkillers and
glyphosate are safe.
Another factor driving the group's share price is a German
magazine report saying Bayer's supervisory board will meet in two
to three weeks to discuss how to win back shareholders' trust after
they sent a rare no-confidence vote to the company's management at
the group's annual meeting last week, analysts say.
Bayer declined to comment on the German magazine report.
Write to Ruth Bender at ruth.bender@wsj.com
(END) Dow Jones Newswires
May 02, 2019 09:46 ET (13:46 GMT)
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