February 28, 2017 / 5:00 PM / 5 months ago

Bayer cuts Covestro stake in open market transaction

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FRANKFURT, Feb 28 (Reuters) - 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)

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