Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
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2 Months : From Dec 2019 to Feb 2020
By Laura Kusisto and Ruth Bender
ST. LOUIS -- The latest trial over allegations that Bayer AG's popular Roundup weedkiller causes cancer was postponed indefinitely at the last minute on Friday to allow room for escalating settlement talks to continue.
Bayer was hours away from facing another jury on the issue, after the German chemical and drug conglomerate over the last year and a half lost the first three Roundup trials for a total of $190.5 million in awards. A fourth adverse verdict could have handed plaintiffs, who number more than 42,000, additional ammunition in settlement talks that have dragged on for months.
Analysts estimate any settlement would be in the $8 billion to $12 billion range, in talks led by court-appointed mediator Ken Feinberg, who said he was "cautiously optimistic" a deal could be struck in the coming weeks.
A Friday order from Judge Elizabeth Hogan said simply "cause(sic) continued" in handwritten print. A Bayer spokesman confirmed the case is delayed indefinitely, "to provide room for the parties to continue the mediation process in good faith ... and avoid the distractions that can arise from trials."
He added that, "there is no comprehensive agreement at this time. There also is no certainty or timetable for a comprehensive resolution."
(END) Dow Jones Newswires
January 24, 2020 15:06 ET (20:06 GMT)
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