Bayer Shares Jump on Report of Potential $8 Billion Roundup Settlement
August 09 2019 - 4:51AM
Dow Jones News
By Nathan Allen
Shares in Bayer AG (BAYN.XE) rose sharply Friday morning after
Bloomberg reported the company is seeking an $8 billion deal to
settle thousands of lawsuits alleging its Roundup weedkillers cause
cancer.
The German chemical and pharmaceutical company's value has
plunged since it acquired Roundup maker Monsanto Co. last year for
$63 billion.
Bayer has so far lost several jury trials in the U.S. and
analysts have been struggling to gauge the extent of the company's
liabilities.
At 0816 GMT shares were trading 7.7% higher at 67.82 euros
($75.97), having earlier risen more than 11%.
In its most recent quarterly earnings report, Bayer said that
the number of plaintiffs filing suit against it had risen by 5,000,
bringing the total to 18,400.
Bayer didn't immediately respond to a request for comment.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 09, 2019 04:36 ET (08:36 GMT)
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