Bayer’s strategic could potentially significantly reduce headwinds revolving around lawsuits stemming from Monsanto’s glyphosate-based weedkiller – Roundup.
On Friday, shares of Bayer surged by 11% following a report from Bloomberg that it has proposed to pay $8 billion in order to settle more than 18,000 lawsuits in the U.S. concerning its glyphosate-based weedkiller Roundup.
According to traders, Bayer’s stock was on track for its best single-day gain in a decade.
Since August 2018, Bayer has lost nearly $33.56 billion in market capitalization, equivalent to a third of its value, after a California jury concluded that Monsanto should have warned of the alleged cancer risks.
Bayer’s spokesman declined to comment.