Bayer sells 9.4% stake in Covestro for 1.2 bn euros

Bayer had announced the accelerated bookbuilding late on Tuesday

German drugs and pesticides group Bayer has further reduced its holding in Covestro to 31.5 per cent from 40.9 per cent by selling 19 million shares in the plastics business for a total of 1.2 billion euros ($1.4 billion). 

It said on Wednesday that it placed the stock at 63.25 euro each, a 3.7 per cent discount to Tuesday’s closing share price, which DZ Bank analyst Peter Spengler said indicated healthy demand for the stock.

Bayer, which is trying to wrap up the $66 billion takeover of US seeds giant Monsanto by the end of the year, had announced the accelerated bookbuilding