Bayer shares have plummeted in Europe overnight while major herbicide companies have defended weed killer glyphosate following a successful US court action against the product, saying it had been used for decades and that many studies had confirmed the product was safe.
Monsanto, the manufacturer of Roundup, was acquired by the German pharmaceuticals, agricultural and consumer health business Bayer last year. "Regulatory authorities around the world consider glyphosate-based herbicides as safe when used as directed," Bayer said. Roundup products and their active ingredient, glyphosate, have been used safely and successfully for over four decades worldwide.Gene Ethics director Bob Phelps said the amount of glyphosate-based herbicides sprayed in Australia had exploded.
The stock price slumped after Nufarm released a half year result that disappointed investors, cut its earnings guidance and outlined challenges in the second half of the financial year. But the the US legal development concerning glyphosate could also have been a factor in the stock sell-off. The Australian Pesticides and Veterinary Medicines Authority said glyphosate products registered with the APVMA were "safe and effective if used according to the label directions".
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