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MarketScreener Homepage  >  Equities  >  Xetra  >  Bayer AG    BAYN   DE000BAY0017


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Bayer : U.S. judge rejects $648 million Bayer PCB contamination settlement

11/30/2020 | 08:31pm EST
FILE PHOTO: The historic headquarters of German pharmaceutical and chemical maker Bayer AG is pictured in Leverkusen

(Reuters) - A federal judge has rejected Bayer AG's proposed $648 million settlement of class-action litigation by cities and other claimants over contamination from polychlorinated biphenyls, or PCBs, made by the former Monsanto Co.

In a Nov. 25 decision, U.S. District Judge Fernando Olguin in Los Angeles said the accord appeared "overly broad" because it could shield Bayer from future claims, and require the settling plaintiffs to indemnify Bayer against those claims.

Olguin also said most of the 2,528 class members stood to receive "very modest" payments of just $15,000 to $30,000, making the indemnification provision "troubling."

Bayer, which bought Monsanto for $63 billion in 2018, said in a statement it would work with the plaintiffs to address Olguin's concerns, and was confident it would reach a revised preliminary settlement by the Dec. 31 deadline he set.

Los Angeles County and the cities of San Diego, Baltimore and Portland, Oregon are among the plaintiffs, which came from 36 U.S. states. The payout was to include $550 million for class members and up to $98 million for legal fees and expenses.

The German company announced the settlement in June, when it also proposed paying roughly $12 billion to resolve litigation tied to Monsanto.

Most of that was to resolve claims that Monsanto's Roundup weedkiller caused cancer. Bayer has said Roundup is safe for human use.

PCBs were once used widely to insulate electrical equipment, and also used in such products as carbonless copy paper, caulking, floor finish and paint. They were outlawed by the U.S. government in 1979 after being linked to cancer and other health problems. Monsanto produced PCBs from 1935 to 1977.

The case is City of Long Beach et al v. Monsanto Co, U.S. District Court, Central District of California, No. 16-03493.

(Reporting by Jonathan Stempel in New York; Editing by Edwina Gibbs)

By Jonathan Stempel

© Reuters 2020
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Sales 2020 42 032 M 51 035 M 51 035 M
Net income 2020 -10 175 M -12 355 M -12 355 M
Net Debt 2020 33 806 M 41 047 M 41 047 M
P/E ratio 2020 -4,33x
Yield 2020 4,17%
Capitalization 52 078 M 63 125 M 63 233 M
EV / Sales 2020 2,04x
EV / Sales 2021 2,03x
Nbr of Employees 100 618
Free-Float 100,0%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 61,56 €
Last Close Price 53,01 €
Spread / Highest target 60,3%
Spread / Average Target 16,1%
Spread / Lowest Target -13,2%
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Werner Baumann Chairman-Management Board
Norbert Winkeljohann Chairman-Supervisory Board
Wolfgang U. Nickl Chief Financial Officer
Bijoy Sagar Chief Information Technology Officer
Paul Achleitner Member-Supervisory Board
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