Bayer's management retains the backing of its supervisory board, its chief ...
FRANKFURT - Bayer’s management retains the backing of its supervisory board, its chief executive said, after pressure on the company increased when a second jury in the United States ruled its glyphosate-based Roundup weed killer caused cancer.
Bayer, which denies allegations that glyphosate or Roundup cause cancer, acquired Monsanto, the maker of Roundup, for $63 billion last year. “The share price is significantly impacted by the legal cases related to glyphosate in America, the discounts are greatly exaggerated,” Chief Executive Werner Baumann told Frankfurter Allgemeine Sonntagszeitung .
A U.S. jury last week found that Roundup caused cancer, a blow to the company eight months after another jury issued a $289 million verdict over similar claims in a different case. That award was later reduced to $78 million and is on appeal.
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