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Shares in German chemicals and pharmaceuticals giant Bayer climbed Friday on a report it was nearing a $10 billion settlement with US plaintiffs claiming weedkiller Roundup caused their cancer.
Stock in Bayer added 3.4 percent to trade at 76.60 euros ($84.63) around 10:00 am in Frankfurt (0900 GMT), topping the DAX index of blue-chip German shares.
People - Talks - Bloomberg - News - Firm
Citing people familiar with the talks, Bloomberg News had earlier reported that the firm could stump up $10 billion in a settlement with tens of thousands of US plaintiffs suffering from non-Hodgkin's lymphoma.
The cancer sufferers say they developed the disease after exposure to glyphosate, the key ingredient in blockbuster weedkiller Roundup—a flagship product of seeds and pesticides maker Monsanto that Bayer bought for $63 billion in 2018.
Settlement - Figure - Cases - Reserve - Claims
A mooted $10 billion settlement figure would be made up of around $8 billion to close existing cases and a reserve of $2 billion for future claims, Bloomberg reported.
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