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UPDATE 1-Bayer sells 9.4 pct stake in Covestro for 1.2 bln euros
2017年9月13日 / 早上6点25分 / 6 天前

UPDATE 1-Bayer sells 9.4 pct stake in Covestro for 1.2 bln euros

* Bayer places 19 mln Covestro shares overnight

* Sells shares for 63.25 euros apiece, a 3.7 pct discount

* Bayer plans to fully divest Covestro in medium term (Adds background, discount to Tuesday’s close, analyst comment)

FRANKFURT, Sept 13 (Reuters) - German drugs and pesticides group Bayer has further reduced its holding in Covestro to 31.5 percent from 40.9 percent 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 euros each, a 3.7 percent 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 U.S. seeds giant Monsanto by the end of the year, had announced the accelerated bookbuilding late on Tuesday, part of its plan to fully sever ties with Covestro over the medium-term.

It has agreed to hold off for 90 days on placing more shares in Covestro, which it spun off as a listed company two years ago. Bayer’s pension trust separately holds 8.9 percent of Covestro.

Barclays and Citigroup acted as joint bookrunners for the placement, which was aimed at institutional investors.

$1 = 0.8349 euros Reporting by Maria Sheahan; Editing by Amrutha Gayathri

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