Bayer to reduce holding in Covestro

Majority stake maintained for the time being

01-Mar-2017 - Germany

Bayer AG is reducing its holding in Covestro AG from the current level of 64.2 percent. To this end, an accelerated bookbuilding process was started. Pricing and allocation of the shares are scheduled for March 1. Since the stock market listing of Covestro in 2015, the company’s share price has increased tangibly. This, coupled with the favorable market environment, offers Bayer the opportunity to further reduce its holding in Covestro. However, even after the sale of this block of shares, Bayer will remain the majority stockholder of Covestro.

Bayer has made the customary undertaking to the banks supporting the transaction – Deutsche Bank and UBS – not to sell any further shares in the next 90 days. As already announced, Bayer intends to achieve full separation from Covestro in the coming years.

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