Bayer: cuts stake in Covestro to 53.3 percent.

(CercleFinance.com) - Bayer said on Wednesday that it has cut its stake in high-tech polymers supplier Covestro to pay down debt.


The German pharmaceutical giant has reduced its holding in Covestro from 64.2% to 53.3% by selling 22 million shares to institutional investors at 66.50 euros per share.

Bayer intends to use the proceeds of nearly 1.5 billion euros to help it reduce its debt.

Covestro, the former Bayer MaterialScience, became a separate company in September 2014.

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