Volume 95 Issue 24 | p. 12 | Concentrates
Issue Date: June 12, 2017

Bayer reduces stake in Covestro

Department: Business
Keywords: investment, Bayer, Covestro, Monsanto, shares

Bayer has raised $1.2 billion from the sale of 17.25 million shares in Covestro, the plastics business it spun off in 2015. The stock sale reduces Bayer’s stake in Covestro from 53% to 45%. The firm plans to reduce its stake by a further 4% and raise an additional $1.1 billion by offering bonds that in 2020 can be exchanged for Covestro shares. Bayer will use money from the share sale to help pay for its $66 billion acquisition of Monsanto. Bayer says it aims to fully separate from Covestro in the “medium term.”

 
Chemical & Engineering News
ISSN 0009-2347
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