Bayer shares plunge on Monsanto ruling

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Shares in German pharmaceuticals and chemicals giant Bayer have taken a dive to their lowest level in five years. Investors reacted to a shock US ruling against Monsanto, which now belongs to the Leverkusen-based firm.

It was a market reaction to a California court ruling last Friday when a dying groundskeeper was awarded damages of almost $290 million, with the judges finding that Monsanto — now belonging to Bayer — should have warned buyers that its flagship Roundup weed killer could cause cancer.

Shares in German pharmaceutical group Bayer have dropped sharply following a US verdict linking a product to cancer.

By mid-morning on Monday, Bayer’s shares had lost 10.4% of their value.

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Bayer owns agriculture giant Monsanto – which was ordered by a California judge on Friday to pay $289m (£226m) damages to a man who said ingredients used in a weedkiller had caused his cancer.

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h/t Ohio chic

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