|
Weekly Wirtschaftswoche reported on Friday that two law firms,
Hausfeld and Tilp, are pressing civil charges with a court in
Cologne, Germany, on behalf of investors who were affected by
the drop in the share price in the wake of the Roundup
litigation and later settlement.
Bayer acknowledged in a statement it was being sued and said it
would defend itself against what it described as unfounded
claims.
"Bayer conducted appropriate due diligence regarding the
acquisition process. This has also been confirmed by the studies
of independent experts," a Bayer spokesman said in a statement.
The German drugs and pesticides maker agreed to acquire seed
maker Monsanto in 2016 and its shares plunged in 2018 when it
lost court cases in the United States to plaintiffs who alleged
that the use of Roundup caused their cancer.
An $11 billion outline settlement of those cases in June last
year has turned out to be $750 million more expensive amid a
struggle to finalise the deal.
The shares are down about 45% since Bayer lost the first Roundup
court case in August 2018.
Wirtschaftswoche said that the court hearings in Germany were
not expected to begin before the end of 2021.
(Reporting by Ludwig Burger, editing by Louise Heavens)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
