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Bayer Surges After Elliott Reveals $1.1 Billion Stake, Boosts Roundup Legal Team

Martin Baccardax

shares traded near the top of the European market Thursday after activist investor Elliot Advisors revealed a $1.1 billion stake in the chemicals group and supported plans to boost its legal team in the face of thousands of Roundup weedkiller lawsuits. Elliot revealed its stake late Wednesday after Bayer said it hired outside counsel to advise its supervisory board amid myriad lawsuits linked to its glyphosate-based weedkiller, known as Roundup, which is assumed following its $63 billion takeover of Monsanto last year. Bayer said it hired Skadden, Arps, Slate Meagher & Flom LLP's John Beisner to provide "fresh and independent perspectives" to the board as the company faces more than 13,000 separate lawsuits and billions in potential fines and settlements.