FRANKFURT Feb 28 Bayer said on
Tuesday it was reducing its stake in separately listed chemicals
subsidiary Covestro in an accelerated bookbuilding
process as it seeks to secure funding for the $66 billion
takeover of seeds maker Monsanto.
Bayer, which holds a stake of 64.2 percent in Covestro, did
not specify how many shares it was selling beyond saying it
would retain a majority stake for now.
More details on pricing and allocation of the shares would
be published on Wednesday, a Bayer spokesman said.
Bayer reiterated it intends to sell all of its Covestro
shares over the next few years.
(Reporting by Ludwig Burger, editing by Emma Thomasson)