The disputes over glyphosate are causing substantial losses to Bayer which has therefore decided to sell the Dr Scholl's brand
He is about to end up run over, his mother saves himBayer has decided to divest Dr Scholl's, a leading brand in foot care products. The pharmaceutical multinational had bought the company five years ago, in 2014, and now concluded the agreement for the sale of the brand to the private investment fund Yellow Wood Parters for 585 million dollars.
Bayer's sale of the Dr Scholl's brand comes after stock decline registered by the German company in response to the acquisition of Monsanto last year.
Over the past twelve months, in fact, a series of US court rulings have highlighted a link between use of the Roundup pesticide and plaintiffs' cancer diagnoses.
Bayer is therefore affected by the more than 13 open lawsuits relating to the glyphosate-based herbicide, which to date have led to 2 billion dollars in penalties.
The disputes have done plunging Bayer's share price on the stock exchange, which fell 35% in one year.
The sale of companies such as Dr Scholl's aims to allow the German multinational to offset part of the losses and reassure investors.
Last May, Bayer also sold the Coppertone brand for $ 550 million and plans to sell other brands in the coming months to recover $ 8 billion.
La transaction relating to the Dr Scholl's trademark is expected to be completed by the end of 2019 and is subject, among other things, to approval by competition authorities.
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Tatiana Maselli
