September 29, 2017 / 5:44 AM / 2 months ago

Bayer sells further stake in Covestro for 1 bln euros

BERLIN, Sept 29 (Reuters) - German drugs and pesticides group Bayer said on Friday it had further reduced its holding in Covestro to just under 25 percent by selling a 6.9 percent stake for 1 billion euros ($1.2 billion).

The move means Bayer has ceded control of Covestro, which it spun off two years ago, and will see it needing to revise its group outlook to take into account it is now classed as a discontinued operation.

Bayer is due to report third quarter results on Oct 26. ($1 = 0.8493 euros) (Reporting by Victoria Bryan; Editing by Gopakumar Warrier)

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