Round Up Glyphosate Settlement Offers Lowered: Bayer Chemical Blames Corona Virus

So Bayer Chemical is saying they are going to take a tougher stance on the settlement offers they make in response to customers who contracted cancer after using their product Round Up weedkiller with glyphosate. (Bayer Chemical took over the weedkiller chemical division when they bought Monsanto Chemical Corp. three years ago.) Bayer claims that the economic downturn resulting from the corona virus is behind the decision to offer less compensation to customers with cancer.

“The company will consider a deal only if it is financially reasonable and puts in place a mechanism to resolve potential future claims efficiently.”

-Chief Executive Werner Baumann, Bayer Chemical Corporation

Interestingly their earnings data do not support their reasoning for becoming more stringent on compensation for customer cancer claims…

⇒ The company said first-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 10.2% to 4.39 billion euros ($4.76 billion USD), surpassing average analyst expectations of 4.17 billion, according to Refinitiv data.

⇒ Bayer’s shares were up 4.5% at 62.22 euros by 1340 GMT, beating a 2.3% gain in the wider German market.

. . .

⇒ The number of U.S. plaintiffs blaming its glyphosate-based weedkillers for their cancer reached 52,500 in April, 2020 (up from 48,600 in February 2020).

⇒ Bayer denies claims that Roundup – or its active ingredient glyphosate – cause cancer, claiming that decades of independent studies have shown it to be safe for human use.



Source: Reuters






Posted by: Eric