Bayer sells part of stake in Covestro for €2.2bn

The Germany-based group Bayer has announced today it has sold another stake in its subsidiary Covestro. The company has sold 14.2% of its stake, namely 28.81 million shares, at €75.5 per share, that is €2.2bn. Bayer is still a stakeholder in Covestro, owning now as little as 7% of it. The transaction significantly helps Bayer reduce its debt, which was €1.6bn at the end of Q1 2018.

(Source: Bayer)