Bayer soars on report company proposes US$8 billion Roundup settlement

LONDON: Bayer shares soared as much as 11per cent on Friday on a Bloomberg report that the German company has proposed to pay US$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 , 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.At 0813 GMT, the shares were up 8.7per cent at 68.5 euros, the top gainer on Germany's blue chip DAX 30 index.

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