Bayer more stringent in glyphosate settlement talks due to downturn

FILE PHOTO: The logo of Bayer AG is seen in a showroom of the German drugmaker where the annual results news conference takes place in Leverkusen, Germany February 27, 2020. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) – German drugs and pesticides company Bayer said the economic downturn due to the coronavirus has prompted it to take a tougher stance in talks to settle claims its glyphosate-based weedkillers cause cancer.

The pandemic has significantly slowed the mediation process, it said in a statement on Monday.

“The company will consider a deal only if it is financially reasonable and puts in place a mechanism to resolve potential future claims efficiently. Against the background of a looming recession and looking at, in part, considerable liquidity challenges, this applies now more than ever,” Chief Executive Werner Baumann said.

The company added that fourth-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 10.2% to 4.39 billion euros ($4.76 billion), beating average analyst expectations of 4.17 billion, according to Refinitiv data.

Reporting by Ludwig Burger; editing by Thomas Seythal

Source Article

Next Post

Airbus warns staff on jobs with its 'survival at stake'

PARIS (Reuters) – European planemaker Airbus (AIR.PA) issued a bleak assessment of the impact of the coronavirus crisis, telling the company’s 135,000 employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action. FILE PHOTO: Airbus CEO Guillaume Faury poses before Airbus’s annual […]