Bayer to sell 10.9% of stake in Covestro and to raise €1.5bn

Bayer announced yesterday evening it plans to sell a part of its 64.2% stake in subsidiary Covestro. The company informed this morning, before stock markets opened, that it has offered to the market 22 million Covestro shares, equaling 10.9% of its total shares, so that it remains the main shareholder of the chemical group. The sale price has been set at €66.5 per share, therefore the sale is worth approximately €1.5bn. Bayer’s shares rose 1.5% as trading opened, while Covestro’s lost more than 3%. (Source Handelsblatt)