Shares of Bayer AG rose by more than 14% on Tuesday after the United States administration expressed its support for the company's bid to curb US litigation tied to its Roundup weedkiller.
The day before, US Solicitor General D. John Sauer called on the Supreme Court to limit lawsuits against Bayer, backing the company's argument that federal pesticide law preempts claims brought under state law. The German biotech company has already paid billions of dollars in lawsuits claiming that Roundup causes serious health problems, including cancer. "The support of the US Government is an important step and good news for US farmers, who need regulatory clarity. The stakes could not be higher as the misapplication of federal law jeopardizes the availability of innovative tools for farmers and investments in the broader U.S. economy," Bayer CEO Bill Anderson said in a statement.
Bayer's stock surged 14.54% at 9:23 am CET to sell at €34.900 apiece.
https://breakingthenews.net/Article/Bayer-up-14-on-Roundup-appeal-hopes/65279179
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