Jan. 11, 2018
Bayer AG is reducing its interest in Covestro as part of an accelerated bookbuilding process with a targeted volume of approximately EUR 1.5 billion. The placement was launched on Wednesday after market close and is exclusively aimed at institutional investors. Credit Suisse and Goldman Sachs International are acting as joint bookrunners. As part of the placement, Bayer has agreed to a 90-day lock-up period.
The direct interest that Bayer currently holds in Covestro is 24.6 percent, while Bayer Pension Trust holds a further 8.9 percent. As already announced, Bayer intends to achieve full separation from Covestro in the medium term.