Bayer falls over 5% on weed killer deal uncertainty

Tuesday, 07. July 2020 11:36

Shares of German multinational pharmaceutical and life sciences company Bayer AG fell more than 5% on Tuesday after a United States judge questioned its proposed $10 billion settlement with the thousands of plaintiffs in the case regarding its glyphosate-based weed killer Roundup.

Judge Vince Chhabria said in a filing with the US District Court, Northern District of California that "the Court is skeptical of the propriety and fairness of the proposed settlement, and is tentatively inclined to deny the motion." The company has faced numerous claims earlier which are connecting Roundup to cases of non-Hodgkin’s lymphoma.

Bayer stock fell 5.95% at 11:30 am CET.

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Breaking the News / TF