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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