Bayer reduces its Covestro stake to 44.8 pct after share salePosted On 2017-06-09
Bayer chops its stake in plastics and chemicals subsidiary Covestro to 44.8 percent from 53.3 percent after selling 17.25 million shares as part of a plan to split ownership ties totally in the medium term.
The shares were sold by a speeded bookbuilding procedure for 62.25 euros ($70.12) apiece, resulting in more than 1 billion euros in profits.
Furthermore, Bayer confirmed it placed bonds exchangeable into Covestro shares maturing in 2020 in an aggregate principal amount of 1 billion euros.
The bonds rate of interest is 0.05 percent per annum. ($1 = 0.8877 euros) (Reporting by Harro ten Wolde; Editing by Muralikumar Anantharaman)