Germany's Bayer is set to reach a settlement this week with U.S. plaintiffs that claim its glyphosate-based weedkillers cause cancer, two people familiar with the matter told Reuters.
After more than a year of talks, however, some details and the overall amount of the settlement have yet to be finalised, one of the sources said on condition of anonymity.German business daily Handelsblatt earlier on Tuesday reported a deal was imminent, with Bayer pledging US$8-US$10 billion to settle the claims, including a US$2 billion buffer for future cases.
Its shares rose 6per cent to 72.78 euros at 1400 GMT. Still, they were more than 20per cent below their value August 2018, when Bayer lost the first of three court cases with damages in the tens of millions being awarded to plaintiffs. A Bayer spokesman declined to comment. Perry Weitz of Weitz & Luxenberg, one of the leading plaintiffs' firms involved in the Roundup litigation, also would not comment.