Bayer Loses €16 Billon Market Value as Concerns Mount over Further Damages Claims


Human Wrongs Watch

By Claire Stam| EURACTIV.com*

A riverside view of Bayer chemical corporation in Leverkusen, Germany. [EPA-EFE/SASCHA STEINBACH] | Photo from EurActiv.

He attributes his condition to the company’s proprietary herbicide glyphosate he used

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In its ruling, the court found that the company’s Roundup and Ranger Pro products presented a “substantial danger” to consumers and that the company knew—or should have known—the potential risks they posed.

“The verdict is contrary to scientific evidence that shows there is no link between the use of glyphosate and non-Hodgkin’s lymphoma,” a Bayer spokesperson said. 

On 7 June, Bayer sealed a $63-billion merger with Monsanto, creating an agrichemical juggernaut. 

Bayer-Monsanto merger creates agrichemical juggernaut

German chemicals and pharmaceuticals giant Bayer will seal a $63-billion merger with US-based Monsanto Thursday, creating an agrichemical juggernaut with lofty ambitions to feed the world but feared by environmentalists.

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“There are big worries that similar lawsuits are soon to emerge that might further affect Bayer. Monsanto said it is aware of about 5,200 cases where plaintiffs claim that they have been exposed to glyphosate-based products,” one trader in Frankfurt told EURACTIV on condition of anonymity.

He said many banks had lowered their price target for the Bayer shares at the start of the week because they fear more legal suits. 

The trader also referred to a report published today in the German economic daily Wirtschaftswoche, according to which Monsanto is also threatened with other million penalties in the US because of the weed killer Dicamba. Farmers in Arkansas and South Dakota have reportedly filed class action lawsuits in St. Louis.

Since a record high of €144 in April 2015, Bayer has lost almost half of its market value, or about 16 billion euros. For Bayer CEO Werner Baumann, who pulled off the largest takeover of a German company abroad against numerous obstacles, the company’s stock price decline is slowly becoming critical.

When he announced in May 2016 that Bayer was considering the acquisition of Monsanto, the company’s shares were listed at around 100 euros.

*SOURCE: EURACTIV.com. Go to ORIGINAL

2018 Human Wrongs Watch

 

 

One Comment to “Bayer Loses €16 Billon Market Value as Concerns Mount over Further Damages Claims”

  1. After this good news story results in glyphosate and other equally-harmful poisons being widely banned, perhaps humanity will wake up and ban nuclear weapons forever as well.

    Like

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