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Bayer tumbles to 9.5b Euro quarterly net loss

Published : Wednesday, 5 August, 2020 at 12:00 AM  Count : 158

FRANKFURT, Aug 4: German drugs and pesticides group Bayer slumped to a 9.5 billion euro ($11.2 billion) net loss in the second quarter, mainly reflecting charges to settle disputes inherited with its $63 billion takeover of Monsanto.
The charges stemmed mainly from a $10.9 billion settlement of US lawsuits claiming weedkiller Roundup caused cancer, compounding a net loss that is the worst for Bayer in at least 10 years, according to a spokesman.
Settlements on dicamba, another weedkiller, and on waste water contaminated with PCB, were also included in figures released on Tuesday, as were reserves for a deal on injury claims from birth control device Essure which Bayer said could be imminent.
Talks over a potential Essure settlements "intensified and have made good progress in recent weeks," Bayer said, adding that it stood by the device's safety and efficacy.      —Reuters

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