Bayer shares fall after second U.S. ruling that Roundup caused cancer GlobeBusiness
. Another California man was awarded $289 million in August after a state court jury found Roundup caused his cancer. That award was later reduced to $78 million and is on appeal.Baader Helvea analyst Markus Mayer noted that Bayer management announced ambitious targets in December.
Brokerage Warburg lowered its recommendation to “Hold” from “Buy,” arguing that the with the renewed setback upcoming glyphosate court cases would remain a drag on the share price. U.S. District Judge Vince Chhabria called such evidence “a distraction” from the scientific question of whether glyphosate causes cancer. He split the Hardeman case into two phases: one to decide causation, the other to determine Bayer’s potential liability and damages.
Union Investment fund manager Markus Manns cautioned that it was too early to read anything into individual rulings in courts of first instance.“What will be important for Bayer is the outcome of the appeals hearings,” he told Reuters, adding that Bayer should not yet engage in settlement talks.
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