The FINANCIAL -- Bayer AG has reduced its direct interest in Covestro from 24.6 percent to 14.2 percent, selling a total of 21 million shares at a price of EUR 86.25 per share.
Due to strong interest shown by investors, the placement volume amounted to EUR 1.8 billion, clearly exceeding the EUR 1.5 billion initially envisaged. The share placement took place on Wednesday evening after market close and was aimed exclusively at institutional investors. Credit Suisse and Goldman Sachs International acted as joint bookrunners. As part of the placement, Bayer has agreed to a 90-day lock-up period, according to Bayer.
Apart from the direct interest that Bayer AG holds in Covestro, Bayer Pension Trust holds a further 8.9 percent. As already announced, Bayer intends to achieve full separation from Covestro in the medium term.