The FINANCIAL — Bayer AG has reduced its direct interest in Covestro from 40.9 percent to 31.5 percent.
This was achieved by selling 19 million of its shares to institutional investors at a price of EUR 63.25 per share. The share placement took place on Sptember 12 evening after market close and was aimed exclusively at institutional investors. As part of the placement, Bayer has agreed to a 90-day lock-up period.
As already announced, Bayer intends to achieve full separation from Covestro in the medium term, according to Bayer.