Part of Bayer’s $10B writedown due to farmers hit by low biofuels prices

In Germany, Reuters reports Bayer has made $10 billion in writedowns against its new Monsanto acquisition in part due to farmers hit by low biofuels prices that in turn weighed on demand for its products. Depreciation of the Brazilian real amongst other FX issues and interest rates were the majority of the writedowns while the company also took an addition $750 million hit for potential future class action cases related to Monsanto’s Roundup litigation in the US that will total around $2 billion.