OREANDA-NEWS. September 13, 2017. Bayer AG is reducing its interest in Covestro as part of an accelerated bookbuilding process with a targeted volume of approximately EUR 1.2 billion. The placement was launched after market close and is exclusively aimed at institutional investors. Barclays und Citigroup are acting as joint bookrunners. As part of the placement, Bayer has agreed to a 90-day lock-up period.

The direct interest that Bayer currently holds in Covestro is 40.9 percent, while Bayer Pension Trust holds a further 8.9 percent. As already announced, Bayer intends to achieve full separation from Covestro in the medium term.

Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2016, the Group employed around 115,200 people and had sales of EUR 46.8 billion. Capital expenditures amounted to EUR 2.6 billion, R&D expenses to EUR 4.7 billion. These figures include those for the high-tech polymers business, which was floated on the stock market as an independent company named Covestro on October 6, 2015. For more information, go to www.bayer.com.

Forward-Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here.