Bayer Chairman Werner Wenning, one of the architects of the $63 billion takeover of Monsanto that has left the German pharma company fighting tens of thousands of cancer lawsuits, will step down from his job in April.
By any definition, Bayer’s purchase of Monsanto has been nothing short of disastrous. Currently facing claims from a total of 48,600 people alleging that Roundup – a powerful herbicide manufactured by Monsanto – causes cancer, Bayer recently admitted that settling these lawsuits may force it to sell assets, issue new shares or borrow money at unfavorable terms. Analysts now predict the eventual cost to the company may reach $12 billion.
Previously, in 2015, the World Health organization’s International Agency for Research on Cancer had classified glyphosate, the active ingredient in Roundup, as “probably carcinogenic to humans”. This classification has become central to the lawsuits filed against Bayer.
To read about Bayer’s dark history and the role it played in the perpetration of World War 2 as a member of the notorious IG Farben Cartel, visit the Profit Over Life website.