December 23, 2019 / 8:49 AM / 2 months ago

Bayer shares up 3.5% after U.S. government's backing in glyphosate lawsuit

FILE PHOTO: The logo of Bayer AG is pictured outside a plant of the German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - Bayer (BAYGn.DE) shares rose as much as 3.5% on Monday, reaching their highest level in 14 months, after the United States government said that a $25 million glyphosate decision against the company should be reversed.

The U.S. Environmental Protection Agency and the Justice Department on Friday said in a friend of the court brief a federal appeals court should reverse a lower court verdict finding the company liable in the case of a man who blamed the weed killer by Bayer’s U.S. unit Monsanto for his cancer.

Bayer denies its Roundup weed killer causes cancer.

Shares in the company, which faces multiple U.S. lawsuits that could result in overall compensation payments worth billions of dollars, rose to 74.00 euros at the Frankfurt stock exchange.

Reporting by Tassilo Hummel; editing by Thomas Seythal

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