Bayer gains on report activist Bluebell pushing for break-up

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By Ludwig Burger

FRANKFURT (Reuters) -Bayer shares gained 1.7% in early Wednesday trade following a report activist investor Bluebell Capital Partners has built an equity stake and is pushing for a break-up of the German pharmaceutical and agriculture company.

The stock traded at its highest in more than five weeks after Bloomberg reported late on Tuesday that Britain-based Bluebell is also seeking an overhaul of Bayer (OTC:BAYRY)'s corporate governance, citing sources.

Bluebell, launched three years ago, has a history of challenging the policies and executives of some of the world's biggest companies, including GSK, Glencore (OTC:GLNCY), Vivendi (PA:VIV) and Danone, while owning very small stakes.

Most recently, it has been campaigning for the ouster of BlackRock (NYSE:BLK) CEO Larry Fink, in part because of the fund giant's environmental, social and governance (ESG) efforts.

A Bayer spokesperson, who declined to comment on the report, said: "Generally speaking we are always open for a constructive dialogue with our stakeholders."

Bluebell didn't immediately respond to a request for comment.

The report follows news on Monday that activist investment fund Inclusive Capital Partners, run by hedge fund veteran Jeffrey Ubben, has acquired a 0.83% stake in Bayer, which has seen its market value slide in recent years.

Bloomberg said the size of Bluebell's holding was not disclosed.

Bayer on Tuesday flagged billions in additional sales potential from its drug development pipeline, buoying its shares.

The stock has been weighed down by litigation over weedkiller Roundup and over environmental pollution with chemicals known as PCBs, which are legacy issues from the takeover of Monsanto (NYSE:MON) for more than $60 billion in 2018.

Despite strong demand for its farming products, improved prospects of its pharmaceuticals business and a number of recent courtroom victories for the German group, the company is valued at 53 billion euros ($57 billion) on the stock market, well below the price tag for Monsanto.

($1 = 0.9308 euros)