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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.