January 10, 2018
Bayer further reduces holding in Covestro
Accelerated bookbuilding process startedLeverkusen, January 10, 2018 - Bayer AG is reducing its interest in Covestro as
part of an accelerated bookbuilding process with a targeted volume of
approximately EUR 1.5 billion. The placement was launched on Wednesday after
market close and is exclusively aimed at institutional investors. Credit Suisse
and Goldman Sachs International 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 24.6 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 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 99,600 people and had sales of EUR 34.9 billion. Capital
expenditures amounted to EUR 2.2 billion, R&D expenses to EUR 4.4 billion. For
more information, go to www.bayer.com.