Bayer offloads €2bn of Covestro via block, CB

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By Aidan Gregory
07 Jun 2017

Bayer monetised a large stake in Covestro, the plastics company it span off in 2015, on Tuesday night through a simultaneous block trade and exchangeable bond worth a total of €2bn, which were both covered in an hour by more than 100 investors each.

Barclays and Morgan Stanley were bookrunners on both transactions.

Launched shortly after the market close on Tuesday, the block trade had a target volume of €1bn. Shares in Covestro had closed at €66.03 on Tuesday, down 1.9% from Monday’s close.

The exchangeable bond, which matures in ...

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