A Bayer investor has sued the company’s board and other top officials, saying the ‘disastrous’ 2018 acquisition of Monsanto eroded Bayer’s share value by saddling it with potentially billions of dollars in liability from Roundup lawsuits.
The filing of this investor lawsuit follows only days after the announcement that Bayer Chairman Werner Wenning, one of the architects of the $63 billion takeover of Monsanto, will step down from his job in April.
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.
To read about Bayer’s dark history and how its current situation could lead to desperate acts, read this article on our website.