Bayer takes $10 billion writedown, flags higher Roundup settlement bill
Bayer is facing a double hit from a higher legal bill for claims relating to weedkiller Roundup as well as 9.25 billion euros ($10.82 billion) in impairments on agriculture businesses, much of it related to its Monsanto deal.
The company said the write-downs, driven by weaker demand from farmers due to low biofuel prices, plus an increase of about $750 million in the costs of settlement terms with U.S. plaintiffs over Roundup, resulted in a loss before interest and tax of 9.4 billion euros in the third quarter.
Bayer was caught up in litigation over Roundup, based on the herbicide glyphosate, as a result of its 2018 takeover of Monsanto for about $63 billion, which made it the world’s largest supplier of seeds and pesticides.
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The company said the write-downs, driven by weaker demand from farmers due to low biofuel prices, plus an increase of about $750 million in the costs of settlement terms with U.S. plaintiffs over Roundup, resulted in a loss before interest and tax of 9.4 billion euros in the third quarter.
Bayer was caught up in litigation over Roundup, based on the herbicide glyphosate, as a result of its 2018 takeover of Monsanto for about $63 billion, which made it the world’s largest supplier of seeds and pesticides.
Click Here to read more.