(Adds share price, Bayer response, background)

 
   By Nathan Allen

Shares in Bayer AG (BAYN.XE) rose sharply Friday morning after Bloomberg reported that the company is seeking an $8 billion deal to settle thousands of lawsuits alleging its Roundup weedkillers cause cancer.

The German chemical and pharmaceutical company's value has plunged since it acquired Roundup maker Monsanto Co. last year for $63 billion.

Bayer has so far lost several jury trials in the U.S. and analysts have been struggling to gauge the extent of the company's liabilities.

At 0838 GMT shares were trading 7.4% higher at 67.61 euros ($75.74), having earlier risen more than 11%.

In its most recent quarterly earnings report, Bayer said that the number of plaintiffs filing suits against it had risen by 5,000, bringing the total to 18,400.

Bayer said it doesn't comment on market speculation.

The company has consistently defended Roundup's safety record and said the claims against it don't stand up to scientific scrutiny.

In June Bayer said that it would seek outside legal help and form a dedicated supervisory-board committee to oversee its legal strategy.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

August 09, 2019 05:05 ET (09:05 GMT)

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