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).
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.
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Bayer reiterated it is still planning the full separation from Covestro over the medium term, after floating the unit in 2015.
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(END) Dow Jones Newswires
September 12, 2017 12:49 ET (16:49 GMT)