Bayer Group said that it has sold 28.81 million shares representing a 14.2 percent interest in Covestro AG at a price of €75.50 per share.
The proceeds of this sale totalled €2.2 billion. Bayer AG now holds just 6.8 percent of Covestro shares to repay the exchangeable bond that matures in 2020.
BofA Merrill Lynch and JP Morgan acted as joint bookrunners.
“We very successfully concluded the selling process for this largest placement of Covestro shares.
Bayer Group said that it has sold 28.81 million shares representing a 14.2 percent interest in Covestro AG at a price of €75.50 per share.
The proceeds of this sale totalled €2.2 billion. Bayer AG now holds just 6.8 percent of Covestro shares to repay the exchangeable bond that matures in 2020.
BofA Merrill Lynch and JP Morgan acted as joint bookrunners.
“We very successfully concluded the selling process for this largest placement of Covestro shares.
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