August 9, 2019 / 8:16 AM / 15 days ago

Bayer soars on report co proposes $8 billion Roundup settlement

LONDON, Aug 9 (Reuters) - Bayer shares soared as much as 11% on Friday on a Bloomberg report that the German company has proposed to pay $8 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 ($33.56 billion), 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.

$1 = 0.8941 euros Reporting by Thyagaraju Adinarayan; additional reporting by Ludwig Burger; editing by Josephine Mason

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