Bayer sets up a committee to resolve the glyphosate litigation issue
Bayer announced the creation of a new supervisory board committee to help advise management in the ongoing litigation linked to its glyphosate-based weed-killer Roundup.
The German group has also hired an external lawyer to advise its supervisory board, shares jump nearly 8%
Stocks impacted: Bayer (BAYN)
The eight-person committee will be composed equally of shareholders and staff. A day earlier, the group has hired John Beisner, a renowned litigation lawyer, to advise it on its handling of thousands of lawsuits against it in relation to health problems allegedly caused by glyphosate. As a reminder, the company faces more than 13,000 lawsuits related to the notorious weedkiller and have lost more than a fifth of their value since March. Shares in German chemicals giant soared 8% on the news. Bayer shares remain more than 30 percent below their price a year ago.
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