Bayer Further Reduces Stake in Covestro

By Euan ConleyFeaturesDow Jones Newswires

Bayer AG (BAYN.XE) said Wednesday it was further reducing its interest in Covestro AG (1COV.XE) as part of an accelerated bookbuilding process with a targeted volume of approximately 1.5 billion euros ($1.79 billion).

The German pharmaceutical and chemicals company launched the placement after market close and said it was exclusively aimed at institutional investors. In September, Bayer sold a 6.9% stake in the polymers company.

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Bayer added it now holds direct interest of 24.6% in Covestro, while Bayer Pension Trust holds a further 8.9%.

As previously reported, Bayer intends to achieve full separation from Covestro in the medium term.

Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

January 10, 2018 12:15 ET (17:15 GMT)