Bayer reaches $10.5 billion settlement of suits over Monsanto herbicide Roundup
Bayer AG is set to announce on Wednesday it struck a roughly $10.5 billion deal to settle tens of thousands of lawsuits with U.S. plaintiffs alleging the company's Roundup herbicide causes cancer, a milestone in the German company's legal battle that has been weighing down its share price for nearly two years, according to a person familiar with the deal.
Investors have long been waiting for a settlement to bring clarity over how much the legal battle will cost Bayer. Wednesday's deal follows months of heated talks between Bayer and plaintiffs' attorneys. Bayer, which also makes pharmaceuticals, inherited thousands of lawsuits against Roundup inventor Monsanto Co. when it acquired the U.S. agriculture giant in 2018. Three jury-trial losses tanked shares and sparked a revolt among shareholders angry at Bayer's management for plunging the company into one of the worst crises in its history with the $63 billion Monsanto acquisition.As part of the deal with plaintiffs' attorneys, Bayer will pay some $9.
Investors have said a settlement in the range of $10 billion would be viewed as a good deal for the company. The Wall Street Journal previously reported that a deal in that range was being discussed.
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