Bayer stock market sinks after a court sentenced its Roundup herbicide glyphosate causes cancer

"We are disappointed with the initial decision of the jury, but we continue to believe strongly that science confirms that glyphosate-based herbicides do not cause cancer," he noted the multinational

This verdict has brought a new judicial defeat for Monsanto, maker of the herbicide, which was acquired by the German company in June 2018 by 55.501 million euros

Bayer stock market sinks after a new judicial defeat for Monsanto herbicide  EFE

20 Mar 2019 18:40

The titles of the chemicals and pharmaceuticals group Bayer have ended the day with a fall of 9.61% in Frankfurt trading to stand at 63 euros, after a US jury ruled that the present glyphosate or Roundup was "substantial factor" in the origin of a detected cancer in a man who used the product.

This verdict has brought a new judicial defeat for Monsanto, maker of the herbicide, which was acquired by Germany in June 2018 by 63.000 million (55.501 million euros).

Shares of chemical giant trading at 62.8 euros after the bell in the German parquet, which corresponded to a decrease of 9.76% compared to the closing price. At times, the titles have continued to decline to an intraday low of 60.49 euros, 12.6% less.

In a statement to the Comisión Nacional del Mercado de Valores (CNMV) on Wednesday, Bayer argues that the herbicide glyphosate not cause cancer and remember that the decision of the US jury corresponds to the first phase of causality, but in a second phase has yet to decide on the issue of liability and damages before there is a final verdict on the case.

"We are disappointed with the initial decision of the jury, but we firmly believe that science confirms that the herbicide glyphosate does not cause cancer," said the multinational, expressing his confidence that in the second phase of the trial will demonstrate that the Monsanto behavior has been appropriate and that the company should not be responsible for cancer of the plaintiff.

Since the closing of the acquisition of Monsanto in June 2018, the share price of Bayer accumulates a decline of 36%.Leverkusen multinational Monsanto decided to remove the mark after completing the largest purchase of its more than 150-year history, though he kept the names of the products added to the catalog of Bayer.

Source: https://m.eldiario.es