Bayer offloads €2bn of Covestro via block, CB
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.
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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