Bayer to agree settlement in Roundup case – reports
Bayer is set to agree to a settlement in the long-running legal battle concerning its glyphosate-based weed killer brand Roundup.
A case was taken against the company by plaintiffs in the US, who claimed that Roundup caused their cancer.
According to a report in international news organisation Reuters, some details concerning the overall amount of the settlement remain to be finalised. Talks have been ongoing for about a year.
This figure would include $2 billion (€1.8 billion) to settle any future cases that may arise.
Reuters also noted that Bayer’s shares rose by 6% in the wake of the news of an imminent settlement, to €72.78. However, the company’s shares are still languishing 20% behind their value in August 2018, when Bayer lost three cases in relation to the alleged health impact of Roundup.
Bayer is understood to be appealing these verdicts.
Handelsblatt reported that the supervisory board of Bayer are set to discuss the prospect of a settlement and vote on it.
In other recent Bayer-related news, the European Commission this month granted approval for Elanco Animal Health’s pending acquisition of Bayer’s animal health business.
Elanco, the US-based company, says that it continues to move towards a mid-year closing, hoping to close the deal by August 3, 2020.
“Approval from the European Commission is an important milestone toward the completion of our acquisition of Bayer Animal Health,” noted Jeff Simmons, president and CEO of Elanco.
“As the transaction edges closer to fruition, we look forward to turning our full attention to delivering innovation and an expanded portfolio of solutions for farmers, veterinarians and pet owners across the globe,” Simmons said.