April 16, 2018 / 6:30 PM / 5 months ago

Singapore's Temasek buys 3.6 pct Bayer stake in capital increase

FRANKFURT, April 16 (Reuters) - Bayer, the German drugmaker that is taking over seed company Monsanto, said Singapore's state-owned Temasek Holdings would buy a 3.6 Bayer stake from newly created shares in a 3 billion euro ($3.7 billion) transaction.

Under an agreement with Temasek, Bayer would issue shares with an entitlement to dividends as of January 1, 2017 at an at-market price, it said in a statement on Monday.

Together with its existing shareholdings in Bayer, Temasek would hold about 4 percent in Bayer after the transaction.

Bayer added that the proceeds from the placement would be taken into account when determining the size of the previously announced rights issue to fund the Monsanto takeover. ($1 = 0.8080 euros) (Reporting by Ludwig Burger Editing by Alexander Smith)

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