Bayer: now holds under a quarter of Covestro's capital.
(CercleFinance.com) - Bayer last night announced an additional sale of shares of its specialty chemicals subsidiary Covestro, of which it now holds less than a quarter of the capital.
This entity will now be considered as an available-for-sale asset.
In detail, the German agro-pharmaceutical group placed 6.9% of Covestro's share capital, which corresponds to sale proceeds of one billion euros.
The Bayer group now holds 24.9% of Covestro, which it no longer controls, and which is considered to be an available-for-sale asset from Q3 2017. Bayer will restate its forecasts accordingly when it publishes its Q3 accounts on 26 October.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
This entity will now be considered as an available-for-sale asset.
In detail, the German agro-pharmaceutical group placed 6.9% of Covestro's share capital, which corresponds to sale proceeds of one billion euros.
The Bayer group now holds 24.9% of Covestro, which it no longer controls, and which is considered to be an available-for-sale asset from Q3 2017. Bayer will restate its forecasts accordingly when it publishes its Q3 accounts on 26 October.
Copyright (c) 2017 CercleFinance.com. All rights reserved.