Bayer Paring Covestro Stake Via Bookbuilding Aimed at Institutional Investors

Features Dow Jones Newswires

Bayer AG said Tuesday it has launched a bookbuilding process to further reduce its stake in specialty polymers business Covestro, targeting a volume of about 1.2 billion euros ($1.43 billion).

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Bayer, which holds 40.9% in Covestro directly, as well as an additional 8.9% via its Bayer Pension Trust, said the accelerated bookbuilding is aimed exclusively at institutional investors.

Bayer reiterated it is still planning the full separation from Covestro over the medium term, after floating the unit in 2015.

--Write to Monica Houston-Waesch at nikki.houston@wsj.com

(END) Dow Jones Newswires

September 12, 2017 12:49 ET (16:49 GMT)