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Bayer sells 9.4 percent stake in Covestro

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Bayer sells 9.4 percent stake in Covestro

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FRANKFURT (Reuters) – German drugs and pesticides group Bayer <BAYGn.DE> said on Wednesday it sold 19 million shares in Covestro <1COV.DE>, or a 9.4 percent stake, for 63.25 euros apiece in an accelerated bookbuilding. The group said late on Tuesday it was selling 1.2 billion euros (1.08 billion pounds) worth of Covestro shares under its plan to fully sever ties with the plastics business over the medium-term. With the placement, Bayer has reduced its direct interest in Covestro to 31.5 percent from 40.9 percent. Bayer has said its pension trust holds a further 8.9 percent.

(Reporting by Maria Sheahan; Editing by Amrutha Gayathri)
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