Bayer to sell about $1.8 billion worth of Covestro shares

FRANKFURT: German drugs and pesticides group Bayer on Wednesday said it was further reducing its stake in chemicals group Covestro, aiming to raise about 1.5 billion euros ($1.8 billion) in an accelerated bookbuilding process.

Credit Suisse and Goldman Sachs are acting as joint bookrunners for the placement. Bayer, which in September sold a 6.9 percent stake in Covestro for 1 billion euros, has agreed to a 90-day lock-up period.

Currently, Bayer's direct stake in Covestro stands at 24.6 percent, while the Bayer Pension Trust holds a further 8.9 percent stake.