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Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) rises as much as 5% in European trading following news that Jeffrey Ubben’s Inclusive Capital Partners hedge fund disclosed it had acquired a 0.83% stake in the company.
The fund said it acquired 8.18M Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) shares as of January 5, or more than €407M (~$435M) based on that day’s closing price.
Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) shares have been weighed by the threat of further litigation over alleged carcinogenic effects of its weedkiller Roundup; the stock’s market value for all its businesses totals ~$50B, well below the $63B deal value for its 2018 takeover of Roundup-maker Monsanto.
Bayer’s (OTCPK:BAYRY) (OTCPK:BAYZF) Roundup acquisition has cost the company billions in lawsuits, but this may be nearing an end as the company has been winning most cases recently, Quantric Capital writes in an analysis published on Seeking Alpha.
Image and article originally from seekingalpha.com. Read the original article here.