Bayer Gains After Bluebell Said to Build Stake, Eye Breakup (1)

Bayer AG shares climbed after people with knowledge of the matter said activist investor Bluebell Capital Partners has built a stake in the company and is pushing for a breakup.

Bluebell has amassed an undisclosed holding and is seeking an overhaul of Bayer’s corporate governance, according to the people, who asked not to be identified because the information is private. The stock rose 3.6% Wednesday in Frankfurt trading, giving Bayer a market value of about €55 billion ($59 billion).

The activist has been speaking to Bayer’s supervisory board behind the scenes over the past few months, the people said.

Bluebell ...