Bayer Reduces Direct Interest in Covestro to 14.2 Percent
Bayer AG has reduced its direct interest in Covestro from 24.6 percent to 14.2 percent, selling a total of 21 million shares at a price of €86.25 per share.
Due to strong interest shown by investors, the placement volume amounted to €1.8 billion, clearly exceeding the €1.5 billion initially predicted.
Credit Suisse and Goldman Sachs International acted as joint bookrunners. As part of the placement, Bayer has agreed to a 90-day lock-up period.
Apart from the direct interest that Bayer AG holds in Covestro, Bayer Pension Trust holds a further 8.9 percent. As already announced, Bayer intends to achieve full separation from Covestro in the medium term.
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