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When a mistake is made, then the best thing to do is to look in the mirror and begin a self-evaluation. Well, Bayer finally came to that realization and decided to do impose a voluntary special audit of due diligence procedures. Basically, they are going to look at who was dumb enough to make the conscious decision of buying Monsanto even though lawsuits began to mount against the agricultural giant due to the weedkiller RoundUp causing cancer in its consumers.
How will Bayer look for the scapegoat? “Did you give the OK to buy Monsanto?” “Did YOU give the OK to buy Monsanto?” “How about you? Did you sign off on buying Monsanto?” The RoundUp litigation began in the beginning of 2018, but Bayer bought Monsanto in June of 2018.
Whoever made the decision to buy Monsanto thought that either Monsanto would win the first RoundUp case or the litigants would settle for an amount that would not be a huge liability to their balance sheet. Bayer was enticed to buy Monsanto because Bayer received a bargain price at $63 billion. As a comparison, the largest merger in the history of economics was when AOL and Time Warner merged for $165 billion back in 2000.
However, Monsanto and Bayer has been ordered by courts throughout the USA to pay over $2 billion so far. Those cases have been appealed by Bayer. Also, estimates are that Bayer will have to settle for another $12 billion on the thousands of cases that are currently in litigation throughout the USA and the world. The number of RoundUp cases against Bayer is now up to 48,600.
To compound the stupidity of acquiring Monsanto, Bayer now has to shell out $265 million to a farmer in Missouri due to an entire orchard being destroyed because of a pesticide manufactured by Monsanto. Currently, around 170 farmers have cases pending in regards to this issue.