Bayer: now holds just 14.2% of Covestro
(CercleFinance.com) - Bayer has further reduced its stake in Covestro, the German group said today, selling 21 million shares in the latter at 86.
25 euros each, meaning an instantaneous discount that is limited to about 2.5%.
The placement with institutional investors was completed after trading on Wednesday evening.
As a result of this sale, Bayer's stake in its chemical subsidiary that is focused on polymers and specialty products falls from 24.6% to 14.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
25 euros each, meaning an instantaneous discount that is limited to about 2.5%.
The placement with institutional investors was completed after trading on Wednesday evening.
As a result of this sale, Bayer's stake in its chemical subsidiary that is focused on polymers and specialty products falls from 24.6% to 14.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.