Bayer takes over-$10 bln writedown

As the burden from its takeover of Monsanto mounts, Bayer has reported impairment charges of 10.8 billion dollars.

The costs are being driven by weaker demand from farmers due to low biofuel prices.

As well as settlement costs over claims its Roundup weedkiller causes cancer.

The German-headquartered firm reported on Monday (November 2) a loss before interest and tax of about 11 billion dollars in the third quarter.

Bayer was caught up in litigation over Roundup, based on the herbicide glyphosate, as a result of its 2018 takeover of Monsanto.

The $63 billion deal made it the world's largest supplier of seeds and pesticides.

In June this year Bayer struck an outline agreement with U.S. plaintiffs.

That was costed at $11 billion.

But a judge later took issue with a side arrangement on future cases that may still be lodged.

The company added that a massive depreciation of the Brazilian currency was weighing heavily on business too.

Brazil is in the world’s second-largest agricultural market.

Bayer shares fell over a percent in Tuesday (November 3) trading.