Bayer sees a relief rally on the US government decision
The company’s stocks registered their best levels in 14 months on Monday
Stocks impacted: Bayer (BAYGn)
The US government said that a $25 million glyphosate decision against Bayer should be reversed. Both the Environmental Protection Agency and Justice Department wrote that a federal appeals court should reverse a lower court verdict finding the company liable in the case of a man who blamed Bayer's Roundup for his cancer. Earlier this year, the EPA reaffirmed that glyphosate does not cause cancer. The company itself denies its Roundup weed killer causes cancer. On this matter, Bayer faces multiple U.S. lawsuits that could result in overall compensation payments worth billions of dollars. So after the announcement, the company’s shares jumped by 3.5% and registered their best levels in 14 months and later trimmed session gains to 2.8%.
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