John Vibes | Waking Times
Bayer’s stock price fell to a seven year low this week, after the company lost a $2 billion lawsuit over claims that the weedkiller Roundup causes cancer. Roundup weedkiller is a product that was developed by the controversial biotech corporation Monsanto, but the company was purchased by Bayer for $66 Billion in 2016. Along with the acquisition of the extremely profitable company, Bayer has also inherited a long list of lawsuits and reputation problems.
Bayer’s stock has been in a freefall all year, as more bad news about Roundup reaches the public. The company’s stock is down by more than 44% since the acquisition of Monsanto.
Roundup contains a chemical called glyphosate, which has been shown in many studies to cause cancer. Despite these findings, the EPA has concluded that the chemical is safe, citing other contradictory studies. However, as an Intercept investigation revealed, the vast majority of those contradictory studies were commissioned by Monsanto. The data that the EPA was using to determine the safety of glyphosate was actually provided by Monsanto, which represents an obvious conflict of interest.
As the expenses from the Roundup lawsuits began to mount, Bayer shareholders began to question the wisdom of the Monsanto acquisition.
Earlier this year, Bayer shareholder Christian Strenger, filed a motion of no confidence in Bayer’s board complaining of negligence on the part of Bayer CEO Werner Baumann in the Monsanto acquisition.
Strenger pointed to the “almost complete failure to deliver the key objectives presented by Baumann in May 2016 for the Monsanto acquisition.”
“Mr. Baumann from Bayer always refers to 800 opinions that glyphosate is a safe product. But the big issue is how was it applied, and was it sold properly with sufficient warning signs. [Bayer] should have insisted. These were not military secrets. Bayer should have told Monsanto, ‘Either you get the DOJ to permit disclosure, or we’re not going to proceed with the transaction,‘” Strenger said, according to Fortune.
Strenger accused the decision-makers at Bayer of being “lenient with a proper analysis of the legal situation.”
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