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Thursday 19 April 2018

Temasek to buy 3.6 pc stake in Bayer for €3 billion




Temasek Holdings, a Singapore investment company has signed an agreement to acquire 3.6 percent stake in Bayer AG, for total gross proceeds of €3 billion.
With the consent of the supervisory board, the board of Bayer resolved to execute the capital increase out of authorized capital against cash contributions and excluding the subscription rights of existing Bayer shareholders.
Under the agreement, Bayer is to issue to a subsidiary of Temasek at an at-market price the new registered (no-par value) shares with an entitlement to dividends as of 1 January 2017.
On completion of the capital increase, together with its existing shareholdings in Bayer, Temasek will hold approximately 4 percent of the issued capital stock of Bayer. The shares issued to Temasek will not be subject to any lock-up period.
The proceeds from this placement will be taken into account when determining the size of the previously announced share capital increase through a right offering with subscription rights to existing shareholders to finance the proposed acquisition of Monsanto.

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