The German chemical and pharmaceutical group Bayer, thousands of glyphosate wants litigation in the United States, apparently with a billion-comparison rules, reports Bloomberg. However, the court is speaking ordered a mediator to resist.
The German agricultural chemical and pharmaceutical company Bayer to stop after an Agency report, with an eight-billion-Dollar comparison, the legal battles to the weed killer glyphosate in the United States.
Bayer propose to pay up to eight billion dollars for a settlement of the approximately 18,400 lawsuits in the United States, reported the news Agency Bloomberg on Friday, citing a familiar with the negotiations Person. A Bayer spokesman did not want to comment on this.
The Mediator appointed by the American lawyer Ken Feinberg said, however, that there is not an offer of Bayer, to pay eight billion for a comparison. “Such a statement is pure fiction,” said Feinberg, according to Reuters via E-Mail. “Compensation has not been discussed in the global mediation discussions so far.”
Feinberg has been hired by a California court to mediate between plaintiffs and the group, and options for agreement explored.
The group’s management under pressure
The lawsuit has been brought by Bayer with the 63-billion-Dollar Takeover of the glyphosate producers Monsanto into the house, a heavy burden on the company. The core of the claims, an allegedly cancer-causing effect of the Weed killer Roundup is.
The pressure on group chief Werner Baumann had risen significantly in recent months, because Bayer had already lost three procedure with the claims for damages in the medium to high double-digit million-Dollar range. However, the decisions are not yet final, Bayer had announced plans to go in appeal.
Head of the group, Baumann was in charge of the Monsanto-buying – and in the meantime, a halving of the exchange value
Only at the end of July, Baumann had drawn publicly a comparison in consideration to become the wave of lawsuits Mr. For this, he had called in a conference call with analysts, however, two conditions. A comparison will pull the company into consideration only if this move in a reasonable financial framework, and thus of the entire legal dispute finally settled, could be.
Also, the Elliott hedge Fund, with a share of two per cent, a major shareholder of Bayer, had exerted pressure on the Management to reach a settlement.
Comparison is probably more expensive
The message of a comparison proposal made on Friday to the significant price gains of the Bayer share. Shortly after the start of trading in Frankfurt, the share price rose by around ten percent, until the afternoon of the Plus and slowed back to a percent.
The Bloomberg referred to eight billion dollars are significantly lower than what industry experts expect. Analyst Markus Mayer of the Baader Bank, for instance, was the fact that the agreement in the range of 15 to 20 billion Euro would be positive for the share price. In the past few days, investors have already had the adjournment of the August scheduled glyphosate-process as an indication of progressive interpreted the end of settlement negotiations.
Despite the recent share price recovery, the papers make a note of is still around 28% lower than before the first process defeat because of glyphosate a year ago. Compared with the share price in the summer of 2016, so before the first quote for Monsanto, has lost share to more than 40 percent.
bea/tko (reuters, dpa)