Bayer shares plunge 10% as ongoing U.S. lawsuits trigger cash-raising plans [Fortune]
BAYER AG S/ADR (BAYRY)
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Source: Fortune
“We have heard from shareholders just how much ongoing legal disputes are impacting their investment in Bayer,” the chair of the group's supervisory board, Norbert Winkeljohann, said in a letter to shareholders. “Whilst we are working to contain legal disputes, we find ourselves in a situation where we may need capital quickly,” he said, adding that Bayer would ask for shareholder approval to issue new stock equivalent to 35 percent of the group's current share capital. Bayer has been dogged by lawsuits linked to the Roundup weedkiller, a problem it inherited from the 2018 takeover of US firm Monsanto. The group has faced a wave of litigation in the United States over claims that glyphosate, the active ingredient in Roundup, causes cancer. Bayer denies the claim but has spent more than $10 billion dollars (9.2 billion euros) settling suits related to Monsanto. Issuing new shares would allow Bayer to raise cash, but could be unpopular with existing shareholders since it woul
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