International. Bayer AG reported that it has reduced its direct stake in Covestro from 24.6 percent to 14.2 percent, selling a total of 21 million shares at a price of 86.25 euros per share.
Due to the great interest shown by investors, the placement volume amounted to 1,800 million euros, clearly exceeding the 1,500 million euros initially planned. The placement of shares took place on January 10 after the market closed and was aimed exclusively at institutional investors.
Credit Suisse and Goldman Sachs International acted as joint bookrunners. As part of the placement, Bayer agreed to a 90-day lock-in period.
In addition to Bayer AG's direct interest in Covestro, Bayer Pension Trust owns an additional 8.9 percent. As already announced, Bayer aims to achieve a total separation from Covestro in the medium term.
