Bayer AG has reached oral agreements to settle a substantial portion of the estimated 125,000 U.S. lawsuits over the herbicide Roundup and its alleged cancer effects, even though the agreement has not been officially signed. Shares of the German chemical company rose more than 6% on Monday on the German stock exchange.
The Roundup case and the associated expensive legal battle were inherited by Roundup in the acquisition of the American company Monsanto, the original creator of this drug, in 2018. Bayer’s shares have fallen by about 40% since the agreement reached 2 years ago, so Bayer’s market value fell by about $ 39 billion.
The agreements reportedly cover 50,000 to 85,000 lawsuits. Bayer’s plan to end the affair carries a $ 10 billion price tag. Settlements will be in the order of several thousand to several million dollars for each lawsuit, but some lawyers still do not want to give up.
The settlement needs the approval of the company’s supervisory board, and Bayer is likely to announce it in June, Bloomberg said, citing undisclosed sources.
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