Bayer shares down 7% after U.S. court says it will review Monsanto case [MSNBC.com]
BAYER AG S/ADR (BAYRY)
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Source: MSNBC.com
Logo and flags of Bayer AG are pictured outside a plant of the German pharmaceutical and chemical maker in Wuppertal, Germany.Wolfgang Rattay | ReutersShares of German life sciences companyThe Washington Supreme Court this week accepted a review of litigation against the German company over the impact of polychlorinated biphenyls (PCBs) exposure at the Sky Valley Center in Washington state, one of many related cases Bayer is fighting. Previously, an appeals court had overturned a $185 million award in the trial after finding flaws in the case in May,according to ReutersBayer shares were 6.76% lower at 12:45 p.m. London time, putting the stock on course for its worst performance since March and extending a loss of 13% in the year to date. Shares had tumbled more than 30% last year amid challenges including ongoing litigation over the Monsanto unit andhigh net debtThe company said in a statement Wednesday that there was "no basis for a different outcome on appeal," and that it believed
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