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BREAKING NEWS

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 -
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Wolfgang Rattay(Reuters)
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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)

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