Bayer sells 14.2% of Covestro for 2.2 billion

The German chemical and pharmaceutical group has announced that it has sold a 14.2% stake in plastics manufacturer Covestro for 2.2 billion euros.

Bayer, which still has a 7% stake in Covestro, has said it wants to divest itself of its stake and has sold 29 million shares to institutional investors.

In total, Bayer sold a 36% stake in Covestro last year and achieved revenues of 4.7 billion euros.

The German chemical group reduced its participation in Covestro from the 64.2% it had at the end of 2016 to the 24.6% it had at the end of last year.

In January of this year, another 10.4%, 21 million shares in total, came to an end at a price of 86.25 euros per share.

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