Global Polyurethane

简体中文 | 繁体中文

 
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.


Reprinted statement: This article is reprinted from other website,not representing the the stand of our website but the opinions of the original author, who reserves the copyright of this article. Please advise if any infringement. We will remove it as soon as possible.

 

About us | Service | Feedback | Terms of Privacy | Contact us

Tel:+8621-56526182, Fax:(+86)21-56525833, Email:enservices@puworld.com

Copyright 2012 http://www.puworld.com All rights reserved.