FRANKFURT (Reuters) - Bayer (DE:BAYGn) shares rose as much as 3.5% on Monday, reaching their highest level in 14 months, after the United States government said that a $25 million glyphosate decision against the company should be reversed.
The U.S. Environmental Protection Agency and the Justice Department on Friday said in a friend of the court brief a federal appeals court should reverse a lower court verdict finding the company liable in the case of a man who blamed the weed killer by Bayer's U.S. unit Monsanto (NYSE:MON) for his cancer.
Bayer denies its Roundup weed killer causes cancer.
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Shares in the company, which faces multiple U.S. lawsuits that could result in overall compensation payments worth billions of dollars, rose to 74.00 euros at the Frankfurt stock exchange.