Bayer Surges as Elliott Sparks Hope of Roundup Settlement (2)

Bayer AG rose the most in a decade after hiring a high-profile lawyer to fight a slew of cases over its Roundup weedkiller and receiving a major vote of confidence from Elliott Management Corp.

Bayer’s moves to bolster its response to the wave of Roundup lawsuits, including hiring lawyer John Beisner as an adviser, signal a “step change,” the New York-based activist hedge fund said in a statement June 26.

The German company has been dogged by investor unrest since last year’s takeover of agricultural giant Monsanto. Activist fund Elliott, which disclosed a $1.3 billion stake on Wednesday, said Bayer ...