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)