Bayer reduces Covestro holding to 14.2%
Leverkusen, Germany – Bayer AG has reduced its direct interest in Covestro from 24.6% to 14.2%, selling a total of 21 million shares at a price of €86.25 per share, Bayer announced 11 Jan.
Strong interest by investors meant the placement volume reached €1.8 billion, exceeding the €1.5 billion initially envisaged, Covestro’s former owner stated.
Apart from the direct interest that Bayer AG holds in Covestro, Bayer Pension Trust holds a further 8.9% stake in the polymers an coatings company.
As previously announced, Bayer intends to achieve full separation from Covestro in “the medium term.”