May 3, 2018 / 3:53 PM / 3 months ago

Bayer to sell further Covestro stake for 2.2 bln eur

BERLIN, May 3 (Reuters) - Pharmaceutical group Bayer is selling a further stake in Covestro, placing a holding of around 14.2 percent via an accelerated bookbuilding process.

The sale of around 29 million shares to institutional investors is set to bring proceeds of about 2.2 billion euros, Bayer said on Thursday.

BofA Merrill Lynch and J.P. Morgan are acting as joint bookrunners.

Reporting by Victoria Bryan Editing by Alexandra Hudson

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