FRANKFURT, June 7 Bayer has reduced
its stake in plastics and chemicals subsidiary Covestro
to 44.8 percent from 53.3 percent after selling 17.25
million shares as part of a plan to sever ownership ties
completely in the medium term.
The shares were sold via an accelerated bookbuilding
procedure for 62.25 euros ($70.12) apiece, resulting in more
than 1 billion euros in proceeds.
In addition, Bayer said it placed bonds exchangeable into
Covestro shares maturing in 2020 in an aggregate principal
amount of 1 billion euros.
The bonds bear interest at a rate of 0.05 percent per annum.
($1 = 0.8877 euros)
(Reporting by Harro ten Wolde; Editing by Muralikumar