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Bayer sells 9.4 pct stake in Covestro
September 13, 2017 / 5:44 AM / 7 days ago

Bayer sells 9.4 pct stake in Covestro

FRANKFURT, Sept 13 (Reuters) - German drugs and pesticides group Bayer said on Wednesday it sold 19 million shares in Covestro, or a 9.4 percent stake, for 63.25 euros apiece in an accelerated bookbuilding.

The group said late on Tuesday it was selling 1.2 billion euros ($1.4 billion) worth of Covestro shares under its plan to fully sever ties with the plastics business over the medium-term.

With the placement, Bayer has reduced its direct interest in Covestro to 31.5 percent from 40.9 percent. Bayer has said its pension trust holds a further 8.9 percent.

$1 = 0.8349 euros Reporting by Maria Sheahan; Editing by Amrutha Gayathri

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