January 11, 2018 / 7:13 AM / 9 days ago

Bayer raises more than expected in Covestro placement

FRANKFURT, Jan 11 (Reuters) - German drugs and pesticides group Bayer sold 21 million shares in chemicals group Covestro for 86.25 euros per share, raising 1.8 billion euros ($2.15 billion), more than it had expected.

Bayer said on Thursday the placement reduced its direct interest in Covestro to 14.2 percent from 24.6 percent. The Bayer Pension Trust holds a further 8.9 percent stake, which was unchanged.

One of the banks involved in the placement had said on Wednesday that Bayer would sell about 18 million shares in Covestro at 86.25 to 88.46 euros apiece for proceeds of 1.55 to 1.59 billion euros.

$1 = 0.8373 euros Reporting by Maria Sheahan; Editing by Madeline Chambers

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