Job offersmore »
- Account Manager, Southern, Protected Cropping - Melbourne, Australia
- Coördinator Biologische Gewasbescherming - Berkel en Rodenrijs, Nederland
- Head Grower, Retractable Roof Shadehouse - Wedgecarrup, Australia
- National Nursery Manager - Melbourne, Australia
- Lighting Applications Specialist (Horticulture) - Beamsville, Ontario, Canada
- Gärtner für den konventionellen Gemüsebau - Austria
- Expert vegetable farm manager/master grower seeking for his next position
- Horticulture Advisor - The Hague, the Netherlands
- Growing Manager - Victoria, Australia
- Service Engineer - Almeria, Spain
Top 5 - yesterday
Top 5 - last week
Top 5 - last month
Exchange ratesmore »
Bayer reduces stake in polymer spin-off CovestroBayer is reducing its holding in Covestro by way of an accelerated bookbuilding procedure with a targeted volume of EUR 1 billion. In addition, Bayer is offering EUR 1 billion of bonds exchangeable into Covestro shares maturing in 2020.
The two placements started on Tuesday after the stock market closed and are addressed to institutional investors only. Barclays and Morgan Stanley are acting as joint bookrunners. In the context of the placements, Bayer has agreed to a lock-up period of 90 days.
Furthermore, Bayer will deposit 8 million Covestro shares in Bayer Pension Trust e. V., a contractual trust arrangement for pension finance, in the near future. The package amounts to 4 percent of Covestro’s shares and will be subject to the same lock-up period of 90 days.
The transactions offer Bayer the opportunity to further reduce its holding in Covestro. Covestro will continue to be fully consolidated in Bayer’s financial statements since Bayer should continue to hold the majority at a Covestro annual stockholders meeting after these transactions are completed. As previously announced, Bayer aims to achieve full separation from Covestro in the medium term.
For more information:
Publication date: 6/7/2017
Other news in this sector: