Bayer: continues to sell stake in Covestro.
(CercleFinance.com) - German group Bayer is continuing to withdraw from its specialty chemicals subsidiary Covestro, which was split about two years ago: after investing 19 million shares, or 9.
4% of its capital to institutional investors yesterday evening, Bayer has reduced its stake in Covestro from 40.9% to 31.5%.
The placement occurred at a unit price of 63.25 euros per share, meaning a discount of 3.7% compared to the closing price of the Covestro share the previous evening. The proceeds from the sale will therefore be around 1.2 billion euros.
As already announced, Bayer intends to complete its separation from Covestro in the medium term, it said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
4% of its capital to institutional investors yesterday evening, Bayer has reduced its stake in Covestro from 40.9% to 31.5%.
The placement occurred at a unit price of 63.25 euros per share, meaning a discount of 3.7% compared to the closing price of the Covestro share the previous evening. The proceeds from the sale will therefore be around 1.2 billion euros.
As already announced, Bayer intends to complete its separation from Covestro in the medium term, it said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.