FRANKFURT, Sept 13 (Reuters) - German drugs and pesticides group Bayer said on Wednesday it sold 19 million shares in Covestro, or a 9.4 percent stake, for 63.25 euros apiece in an accelerated bookbuilding.
The group said late on Tuesday it was selling 1.2 billion euros ($1.4 billion) worth of Covestro shares under its plan to fully sever ties with the plastics business over the medium-term.
With the placement, Bayer has reduced its direct interest in Covestro to 31.5 percent from 40.9 percent. Bayer has said its pension trust holds a further 8.9 percent.
$1 = 0.8349 euros Reporting by Maria Sheahan; Editing by Amrutha Gayathri