Deals
Bayer Surges as Elliott Sparks Hope of Roundup Settlement
- Activist firm welcomes Bayer’s bolstering of legal expertise
- Bayer has been under fire since $63 billion Monsanto purchase
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Bayer AG rose the most in a decade after hiring a high-profile lawyer to fight a slew of cases over its Roundup weedkiller and receiving a major vote of confidence from Elliott Management Corp.
Bayer’s moves to bolster its response to the wave of Roundup lawsuits, including hiring lawyer John Beisner as an adviser, signal a “step change,” the New York-based activist hedge fund said in a statement Wednesday. The shares rose as much as 8.3% in Frankfurt trading on Thursday, their biggest intraday gain since March 2009.