FRANKFURT Feb 22 Bayer said that
various ways to divest its 64 percent stake in plastics
subsidiary Covestro were on the cards, when asked to
comment on the possibility of a sale to an industry peer versus
placing shares on the open stock market.
"We have said we plan to fully divest the stake over the
medium term, without speaking about the modalities. As to how
that will play out, there are many ways. Covestro is a highly
attractive company and that is now also reflected in the market
value," Bayer Chief Executive Werner Baumann told a news
conference following the publication of 2016 results.
Bayer has previously shown a tendency to sell blocks of
shares in Covestro on the open market, which would increase the
Shares in Covestro, a maker of transparent plastics, foam
chemicals and coatings ingredients, are trading at around 70
euros ($73.5) apiece, well above the offer price of 24 euros at
Covestro's stock market listing in October.
($1 = 0.9522 euros)
(Reporting by Ludwig Burger; Editing by Maria Sheahan)