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Business

Covestro Shares Raise $1.7 Billion

by Alex Scott
October 12, 2015 | APPEARED IN VOLUME 93, ISSUE 40

Bayer has raised about $1.7 billion from its sale of 31% of the shares of Covestro, its plastics business, on the Frankfurt Stock Exchange. The shares were offered on Tuesday, Oct. 6, for about $27 per share. They closed on Thursday at about $29. Covestro’s CEO Patrick Thomas says the firm will pay shareholders a dividend “from the start.” Covestro plans to use most of the proceeds from the share offering to repay debt to Bayer. Bayer continues to own the remaining 69% of Covestro.

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