BREAKING NEWS
This content is not available in your region

Bayer soars on report co proposes $8 billion Roundup settlement

Bayer soars on report co proposes $8 billion Roundup settlement
FILE PHOTO: The logo of Bayer AG is pictured at the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, May 14, 2019. REUTERS/Wolfgang Rattay/File Photo   -   Copyright  Wolfgang Rattay(Reuters)
Text size Aa Aa

LONDON (Reuters) – Bayer shares soared as much as 11% on Friday on a Bloomberg report that the German company has proposed to pay $8 billion (£6.59 billion) to settle more than 18,000 U.S. lawsuits on its glyphosate-based weedkiller Roundup case.

The stock was on track for its best single-day gain in a decade as traders said the settlement could remove an “overhang” on Bayer shares.

Bayer shares have lost more than a third, or roughly 30 billion euros, in market value since August last year, when a California jury in the first such lawsuit found that Monsanto should have warned of the alleged cancer risks.

A Bayer spokesman declined to comment.

At 0813 GMT, the shares were up 8.7% at 68.5 euros, the top gainer on Germany’s blue chip DAX 30 index.

(Reporting by Thyagaraju Adinarayan; additional reporting by Ludwig Burger; editing by Josephine Mason)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.