Bayer more stringent in glyphosate settlement talks due to downturn

German drugs and pesticides company Bayer said the economic downturn due to the coronavirus has prompted it to take a tougher stance in talks to settle claims it's glyphosate-based weedkillers cause cancer.

The pandemic has significantly slowed the mediation process, it said in a statement on Monday. "The company will consider a deal only if it is financially reasonable and puts in place a mechanism to resolve potential future claims efficiently. Against the background of a looming recession and looking at, in part, considerable liquidity challenges, this applies now more than ever," Chief Executive Werner Baumann said.

The company added that first-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 10.2% to 4.39 billion euros ($4.76 billion), beating average analyst expectations of 4.17 billion, according to Refinitiv data. ($1 = 0.9223 euros)