German aspirin-to-weed killer group Bayer said on June 26 it had hired an external lawyer and set up a committee on its supervisory board to help resolve a multibillion-dollar legal dispute over its glyphosate-based weed killer Roundup.
It said it has appointed John H. Beisner from Skadden, Arps, Slate, Meagher & Flom to look at its legal defence against 13,400 plaintiffs who allege they got cancer from Roundup, which Bayer acquired via its $63 billion takeover of Monsanto last year. The new board committee will comprise eight existing board members and be chaired by Werner Wenning, the current supervisory board chairman.
Elliott Advisors revealed on June 26 that it controlled Bayer shares worth 1.1 billion euros, equivalent to around 2% of the 52 billion euro company, based on the June 26 closing price. The appointments mark a “step change” in Bayer’s approach to the glyphosate litigation, Elliott said in a statement. Elliott Advisors is a UK affiliate of Elliott Management.
Bayer shares jumped 6% to 59.4 euros by 0739 GMT on June 27, their highest in more than six weeks. The stock is still down 36% since August when a U.S. jury first linked Roundup to cancer.
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