Bayer's Legal Storm Deepens: Antitrust Lawsuit, Supreme Court Ruling Loom as Shares Slide
Veröffentlicht: 03.06.2026 um 11:11 Uhr, Redaktion boerse-global.de
Bayer is facing a confluence of legal pressures that show no sign of easing, as a fresh antitrust lawsuit in US corn seeds collides with the company's long-running glyphosate ordeal and a pending Supreme Court decision. The German chemicals and pharmaceuticals group has firmly ruled out spinning off its Monsanto business, but investors are growing increasingly impatient.
Shares in the DAX-listed company have lost nearly 11% in the past week, closing at €33.96 — roughly 5% below their 200-day moving average. The stock currently trades at €34.07, having hit its lowest point in six months on 2 June. That puts the year-to-date decline at 10.4%, and the share price is now more than 30% below its 52-week high of €49.17. The relative strength index of 44 suggests a neutral stance, but the technical picture has clearly deteriorated.
New Antitrust Claims Add to the Headache
The latest legal blow comes from a lawsuit filed by Latham, an agricultural seed company, in a US federal district court. Bayer CropScience is accused of monopolising the market for genetically modified corn seeds — specifically by controlling the NK603 glyphosate-resistant trait. The complaint argues that even after its patent expired in 2022, Bayer continued to collect licensing fees and prevented independent companies from freely using the trait. Roughly 92% of US corn acres are planted with herbicide-tolerant seeds, almost all of which carry Bayer's NK603 trait.
The suit invokes the Sherman Antitrust Act and the Clayton Act, and seeks triple damages. Bayer has rejected the allegations and pledged to defend itself vigorously.
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Separately, the US Department of Justice's Antitrust Division reached a settlement with Bayer in May over its loyalty programme for seed dealers. The company agreed to scrap requirements that independent seed firms hit sales targets to receive rebates under the "Premier Performance Program" — a tie-in of corn and soybean seeds that had raised competition concerns. Bayer will not reintroduce the practice for seven years. Yet the DOJ made clear its broader investigation into the agricultural seed market remains open.
Supreme Court Decision and Roundup Cloud Still Loom
On the glyphosate front, a critical ruling from the US Supreme Court in the Durnell case is expected this month. A favourable outcome for Bayer would strip thousands of Roundup-related claims of their legal foundation, providing a potentially powerful catalyst. But the company is not waiting. CEO Bill Anderson recently warned that without a resolution, Bayer will not produce glyphosate in the US — a threat that underscores the tensions surrounding the product. Bayer is the only US-based glyphosate manufacturer, while farmers rely heavily on generic imports from China.
The ongoing Roundup litigation still involves roughly 100,000 claimants. A key deadline arrives on 4 June, when the opt-out period expires for a proposed settlement class. Even after that, final court approval could take years.
All this is unfolding against a backdrop of solid, if uneven, operating performance. Reported revenue for the first quarter of 2026 came in at €13.41 billion, a nominal dip of nearly 2.5% year-on-year, though adjusted for currency and portfolio effects, the top line rose 4.1% to €13.405 billion. Adjusted EBITDA climbed 9.0%. However, free cash flow swung deeply negative to minus €2.32 billion, driven largely by cash outflows to settle legal disputes — particularly those linked to PCB and glyphosate.
The Crop Science division saw a 6.8% increase in sales, propelled by soybean and corn seed varieties. Yet its glyphosate-based herbicide business contracted by 15.1%, a clear sign that the Monsanto legacy remains both a strategic and a financial drag.
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No Structural Fix in Sight — Despite Analyst Optimism
A company representative confirmed at the Wall Street Journal Global Food Forum in Chicago that Bayer has no plans to spin off Monsanto. While structural options were not ruled out entirely, the message was clear: the group intends to navigate its challenges through litigation, settlements, and operational improvements. That leaves investors exposed to a drawn-out legal marathon.
Analysts, however, see considerable upside once clarity emerges. Of eleven analysts polled in May, nine rate the stock a buy and two a hold, with a median target of €48.82 — roughly 43% above current levels. But until the legal fog lifts, the market is likely to keep its distance.
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