Covestro AG’s former parent company, Bayer AG has reduced its direct interest in Covestro from 24.6% to 14.2%.
The Leverkusen, Germany-based chemicals company announced 11 Jan that it sold a total of 21 million shares at a price of €86.25 per share on 10 Jan after market close.
“Due to strong interest shown by investors, the placement volume amounted to €1.8 billion, clearly exceeding the €1.5 billion initially envisaged,” Bayer said.
The share placement was aimed exclusively at institutional investors, with Credit Suisse and Goldman Sachs International acting as joint bookrunners.
Apart from the direct interest that Bayer AG holds in Covestro, Bayer Pension Trust holds a further 8.9%.
Bayer spun off Covestro in October 2015 and intends to achieve full separation in the medium term.