Drugmaker Bayer has sold 1.46 billion euros ($1.5 billion) of shares in its chemicals subsidiary Covestro, cutting its stake to 53.3 percent as it raises cash for its takeover of seeds maker Monsanto (MON.N).
The sale of 22 million shares, or 10.9 percent of Covestro’s capital, at 66.50 euros each to institutional investors, puts the chemicals maker on track to enter Germany’s blue-chip index as it boosted the amount of shares that can be openly traded.
Shares in Covestro, the maker of transparent plastics, foam chemicals and coatings ingredients that Bayer listed in October, hit a record high of 73.27 euros last week, more than three times their initial offer price of 24 euros.
