September 12, 2017


Bayer further reduces holding in Covestro

Accelerated bookbuilding process started
Leverkusen, September 12, 2017 - Bayer AG is reducing its interest in Covestro
as part of an accelerated bookbuilding process with a targeted volume of
approximately EUR 1.2 billion. The placement was launched on Tuesday after
market close and is exclusively aimed at institutional investors. Barclays und
Citigroup are acting as joint bookrunners. As part of the placement, Bayer has
agreed to a 90-day lock-up period.

The direct interest that Bayer currently holds in Covestro is 40.9 percent,
while Bayer Pension Trust holds a further 8.9 percent. As already announced,
Bayer intends to achieve full separation from Covestro in the medium term.

Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the Life Science fields
of health care and agriculture. Its products and services are designed to
benefit people and improve their quality of life. At the same time, the Group
aims to create value through innovation, growth and high earning power. Bayer
is committed to the principles of sustainable development and to its social and
ethical responsibilities as a corporate citizen. In fiscal 2016, the Group
employed around 115,200 people and had sales of EUR 46.8 billion. Capital
expenditures amounted to EUR 2.6 billion, R&D expenses to EUR 4.7 billion.
These figures include those for the high-tech polymers business, which was
floated on the stock market as an independent company named Covestro on October
6, 2015. For more information, go to

Forward-looking statements

This news release may contain forward-looking statements based on current
assumptions and forecasts made by Bayer management. Various known and unknown
risks, uncertainties and other factors could lead to material differences
between the actual future results, financial situation, development or
performance of the company and the estimates given here. These factors include
those discussed in Bayer's public reports, which are available on the Bayer
website at The company assumes no liability whatsoever to update
these forward-looking statements or to conform them to future events or

Additional information
This press release constitutes neither an offer to sell nor a solicitation to
buy any securities of Bayer, Covestro or their respective subsidiaries. The
Covestro shares have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act") and may not be
offered or sold in the United States of America absent registration or an
applicable exemption from the registration requirements under the Securities