Bayer: Elliott discloses stake, welcomes special committee
(CercleFinance.com) - Asset manager Elliott on Thursday disclosed a stake worth about 1.
1 billion euros in Bayer, and welcomed the German chemicals group's decision to create a special litigation committee for the much criticised glyphosate weed killer.
In a statement Elliott said that Bayer's approach to addressing the legal challenges offers the opportunity for an "accelerated settlement" with a "limited financial cost."
The hedge fund also believes that Bayer could do more to maximise long-term value for shareholders, saying that its discounted share price does not reflect the significant underlying value of its constituent businesses, or the potential value realisation opportunity, which it estimates to be in excess of 30 billion dollars.
Bayer shares have risen by as much as 7.2% in Frankfurt today after all these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
1 billion euros in Bayer, and welcomed the German chemicals group's decision to create a special litigation committee for the much criticised glyphosate weed killer.
In a statement Elliott said that Bayer's approach to addressing the legal challenges offers the opportunity for an "accelerated settlement" with a "limited financial cost."
The hedge fund also believes that Bayer could do more to maximise long-term value for shareholders, saying that its discounted share price does not reflect the significant underlying value of its constituent businesses, or the potential value realisation opportunity, which it estimates to be in excess of 30 billion dollars.
Bayer shares have risen by as much as 7.2% in Frankfurt today after all these announcements.
Copyright (c) 2019 CercleFinance.com. All rights reserved.