Shares of German speciality chemicals company Lanxess soared by as much as 10% on Monday after news broke that Greenlight Capital, the hedge fund founded by David Einhorn, has acquired a stake of over 5% in the business, according to a report by Reuters.

The report cites a regulatory filing as revealing that Greenlight had built a 5.06% stake in Lanxess as of 25 November, making the hedge fund the firm's largest shareholder, according to data from LSEG.

At 11:52 GMT, the company's shares had risen by 8.6%, leading gains on Europe's STOXX 600 index and reducing their year-to-date losses to under 10%.