Bayer shares up 2.54% after US Roundup verdict

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Bayer shares up 2.54% after US Roundup verdict

Shares prices of German Chemical conglomerate, Bayer AG, headquartered in Leverkusen, rose as much as 2.54 percent in pre-market trading to 59.83 euro per share on Tuesday, the 16th of July 2019, after a US judge had trimmed punitive damages awarded to a California plaintiff to $20 million from previous $75 million, who blamed Monsanto’s Roundup week killer was responsible for his cancer.

Besides, according to data from a brokerage firm, Lang & Schwarz, pre-market traders had experienced an upsurge of Bayer AG’s share price by more than 4.2 percent, however, Bayer AG had shrugged off 6.5 percent this month so far.

According to the judge who reduced punitive damages by around 70 percent, said on Monday, the 15th of July 2019, that, evidences against the Roundup weedkiller maker, Monsanto Co., that Bayer AG had bought last year, had supported the claim of cancer-causing property of glyphosate, however, the Judge had decided to bring down the extent of financial penalty.

Despite robust gains in early trading hour on Tuesday over reduced penalty on the Leverkusen-based chemical giant, a Frankfurt-based trader had been quoted saying that the gains were unlikely to sustain, adding that Bayer may find an honest-to-goodness recovery ongoing when it will enter into a settlement talk over nearly 13,400 claims on liabilities over usage of its glyphosate containing weedkiller.