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.
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(END) Dow Jones Newswires
January 10, 2018 12:15 ET (17:15 GMT)