Bayer sells 9.4% stake in Covestro

[FRANKFURT] German drugs and pesticides group Bayer said on Wednesday it sold 19 million shares in Covestro, or a 9.4 per cent stake, for 63.25 euros apiece in an accelerated bookbuilding.

The group said late on Tuesday it was selling 1.2 billion euros (S$1.93 billion) worth of Covestro shares under its plan to fully sever ties with the plastics business over the medium-term.

With the placement, Bayer has reduced its direct interest in Covestro to 31.5 per cent from 40.9 per cent.

Bayer has said its pension trust holds a further 8.9 per cent.

REUTERS