Bayer (OTCPK:BAYRY) shares surged 7.7% overnight in Frankfurt after activist investor Elliot Advisors revealed a $1.1B stake in the embattled company, which faces more than 13,000 separate lawsuits and billions in potential fines and settlements.
It follows Bayer’s hiring of an outside counsel to advise its supervisory board amid a myriad of suits linked to its glyphosate-based weedkiller, known as Roundup, which it assumed following its $63B takeover of Monsanto last year.
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