Bayer sells 9.4 percent stake in Covestro for 1.2 billion eurosStaff Writer | September 13, 2017
Bayer has further reduced its holding in Covestro to 31.5 percent from 40.9 percent by selling 19 million shares in the plastics business for a total of 1.2 billion euros ($1.4 billion).
Acquisition 3.7 percent discount
Bayer, which is trying to wrap up the $66 billion takeover of U.S. seeds giant Monsanto by the end of the year, had announced the accelerated bookbuilding late on Tuesday, part of its plan to fully sever ties with Covestro over the medium-term.
It has agreed to hold off for 90 days on placing more shares in Covestro, which it spun off as a listed company two years ago. Bayer’s pension trust separately holds 8.9 percent of Covestro. ■