Bayer said on Friday it was again petitioning the U.S. Supreme Court to sharply limit legal claims that its Roundup herbicide causes cancer, seeking to avoid potentially billions of dollars in damages.
Bayer was ordered by a jury in the U.S. state of Georgia to pay about $2.1 billion (C$3.01 billion) to a plaintiff who claimed the company's Roundup weed killer caused his cancer, the plaintiff's law firms said late on Friday.
Bayer has told U.S. lawmakers it could stop selling Roundup weedkiller unless they can strengthen legal protection against product liability litigation.
Bayer on Wednesday raised the prospect of a return to earnings growth from 2026 after a decline this year, lifting its shares to a four-month high as its CEO somewhat allayed investor impatience with his turnaround efforts.
Bayer used the Western Canadian Crop Production Show in Saskatoon this week to introduce Prairie farmers to its new FieldView Drive 2.0 digital system.
Some Bayer investors say CEO Bill Anderson should speed up turnaround efforts, including boosting efficiency and drug development, to restore confidence and revive the company's share price that hit 20-year lows after its shock warning this week.
U.S. farmers struggling with slumping incomes and depressed grain prices have been switching to cheaper generic pesticides and fungicides as they plan for spring planting next year, which market analysts said could hit the bottom lines of agrichemical companies like Bayer.
Bayer said on Tuesday that weak agricultural markets mean its earnings are likely to fall further next year, sparking a sharp fall in the German company's shares and piling pressure on its CEO to deliver on his turnaround efforts.
Bayer CropScience Inc. announced on Oct. 3 it will purchase the HyTech canola treating and packaging plant near Coaldale, Alta. with the sale to be made final on Nov. 1.
A U.S. judge has dismissed a lawsuit accusing agriculture giants Bayer, Corteva, Syngenta and others of conspiring with wholesalers and retail outlets to fix prices for seeds and crop protection chemicals, causing farmers to pay higher prices