Job offersmore »
- Technical Sales Representative Trainee - Ancaster, Ontario
- International Account Manager City Farming - Horticulture LED Solutions
- CEO for a leading Agri-Business working on an international basis
- Greenhouse Operations Lead - Alberta, Canada
- Commercial Head Grower - Newark, NJ (USA)
- IPM & Pollination Specialist (ornamentals) - Western Europe
- Regional Sales Manager - USA
- General Manager Operations - Australia
- International Account manager Horticulture LED Solutions - Netherlands
- Plant Specialist Horticulture Northern Europe
Top 5 - yesterday
- No news has been published yesterday.
Top 5 - last week
- One million square foot cannabis production facility to be built in Australia
- NatureFresh Farms develops unconventional pest management methods
- Rough introduces the HopsHouse: a single-solution hydroponic hops greenhouses
- Protected Cropping Australia appoints new board
- Dutch police raids greenhouses in heroin investigation
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: