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Bayer Equity -5%, Credit Spreads Steepen On USD 2.25bn Roundup Herbicide Fine

HEALTHCARE


  • The Philadelphia jury's verdict is the largest in five years of litigation over the herbicide, impacting CEO Bill Anderson's turnaround efforts.
  • The verdict adds to the liability from Bayer's USD 63bn acquisition of Monsanto in 2018,
  • Analysts suggest Bayer might lower its dividend payout or potentially suspend it to fund the expense.
  • Bayer argues the product is safe and plans to appeal the verdict and reduce the "unconstitutionally excessive" damages.
  • While the awarded amount is expected to be reduced on appeal, the high compensatory damages make this move more challenging – BI notes that the USD 250mn is compensatory damages and USD 2bn in punitive damages is within constitutional limits
  • Bayer's Monsanto unit has won 10 of 16 recent Roundup trials, with the next trial scheduled in Delaware.
  • Long-end EUR bonds up to 9bps wider vs. midswaps with more gradual widening at shorter maturities
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