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Home | News |Bayer Continues Covestro Exit with Another €1.2bn Selldown
Bayer Continues Covestro Exit with Another €1.2bn Selldown
Updated: 2017-09-14 10:58 Source: Global Capital share:
PU WORLD--German drugs and pesticides group Bayer is selling 1.2 billion euros ($1.4 billion) worth of Covestro shares under its plan to fully sever ties with the plastics business over the medium-term.


The company, which is trying to wrap up the $66 billion takeover of U.S. seeds giant Monsanto by the end of the year, did not specify how many shares in Covestro it would sell for the targeted sum.

After a number of previous large trades, Bayer's stake in the maker of transparent plastics and materials for insulation and padding foam has declined to 40.9 percent while Bayer's pension trust holds a further 8.9 percent.


Bayer said in a statement that an accelerated bookbuilding process aimed at institutional investors was launched on Tuesday after market close with Barclays and Citigroup acting as joint bookrunners.


It has agreed to hold off on placing more Covestro shares for 90 days. Bayer spun off Covestro as a separate listed company two years ago.

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