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2 months ago
Bayer cuts Covestro stake to 44.8 pct after share sale
June 7, 2017 / 5:46 AM / 2 months ago

Bayer cuts Covestro stake to 44.8 pct after share sale

FRANKFURT, June 7 (Reuters) - Bayer has reduced its stake in plastics and chemicals subsidiary Covestro to 44.8 percent from 53.3 percent after selling 17.25 million shares as part of a plan to sever ownership ties completely in the medium term.

The shares were sold via an accelerated bookbuilding procedure for 62.25 euros ($70.12) apiece, resulting in more than 1 billion euros in proceeds.

In addition, Bayer said it placed bonds exchangeable into Covestro shares maturing in 2020 in an aggregate principal amount of 1 billion euros.

The bonds bear interest at a rate of 0.05 percent per annum. ($1 = 0.8877 euros) (Reporting by Harro ten Wolde; Editing by Muralikumar Anantharaman)

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