Bayer AG said it has reduced its direct interest in Covestro from 40.9 percent to 31.5 percent.
This was achieved by selling 19 million of its shares to institutional investors at a price of EUR63.25 per share.
Bayer said in statement that the share placement took place on Tuesday evening after market close and was aimed exclusively at institutional investors. As part of the placement,
Bayer said it has agreed to a 90-day lock-up period.
As already announced, Bayer intends to achieve full separation from Covestro in
the medium term.
Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the Life Science fields
of health care and agriculture. Its products and services are designed to
benefit people and improve their quality of life. At the same time, the Group
aims to create value through innovation, growth and high earning power. Bayer
is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2016, the Group employed around 115,200 people and had sales of EUR 46.8 billion. Capital
expenditures amounted to EUR 2.6 billion, R&D expenses to EUR 4.7 billion.
These figures include those for the high-tech polymers business, which was
floated on the stock market as an independent company named Covestro on October 6, 2015.