Bayer says legal woes could force it to pull weedkiller
Source: AFP
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German chemicals giant Bayer said Friday it could be forced to pull its Roundup weedkiller from the market if it is not able to limit simmering legal troubles.
"We're nearing a point where the litigation industry could force us to even stop selling this vital product," CEO Bill Anderson said at Bayer's annual general meeting.
The Leverkusen-based group has said that after rumbling on for years, it has the aim of "significantly containing litigation by the end of 2026".
"The status quo is not an option," said Anderson, while the stakes for the chemicals and pharmaceuticals producer were "really high".
Bayer has been dogged by lawsuits linked to Roundup since it acquired the US manufacturer Monsanto in a blockbuster deal in 2018.
Claimants have alleged that glyphosate, the active ingredient in Roundup, causes blood cancers but Bayer says scientific studies and regulatory approvals show that the weedkiller is safe.
Bayer has battled to draw a line under Roundup litigation, spending more than $10 billion (8.8 billion euros) to date to settle suits alleging that Bayer failed to disclose health risks.
Earlier this month, Bayer said it would launch another appeal to the US Supreme Court to rule on the Roundup case, its third such attempt.
After being twice rebuffed by the court, Bayer is hopeful of more success following rulings by federal appellate courts, which the German group said support its case.
The renewed request for the Supreme Court to intervene is the first since Anderson took the reins at the chemicals group in 2023.
But Anderson's late arrival has not insulated the American manager from the criticism of shareholders, who voiced their impatience at the meeting.
Bayer has asked investors to approve a capital increase through the issuance of new stock to cover potential legal costs related to Roundup.
Shareholders were being asked to "pay the price" for Roundup's issues, Deka Investment manager Ingo Speich said, describing the move as a "bitter pill to swallow".
"Why should everything be different this time and the wave of lawsuits stopped with more money?", Janne Werning of Union Investment said.
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Source: AFP
