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4-Traders Homepage  >  Equities  >  Xetra  >  Covestro    1COV   DE0006062144

COVESTRO (1COV)
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Bayer sells 9.4 percent stake in Covestro for 1.2 billion euros

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09/13/2017 | 08:24am CEST
The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal

German drugs and pesticides group Bayer (>> Bayer) has further reduced its holding in Covestro (>> Covestro) to 31.5 percent from 40.9 percent by selling 19 million shares in the plastics business for a total of 1.2 billion euros. (1.08 billion pounds)

German drugs and pesticides group Bayer (>> Bayer) has further reduced its holding in Covestro (>> Covestro) to 31.5 percent from 40.9 percent by selling 19 million shares in the plastics business for a total of 1.2 billion euros. (1.08 billion pounds)

It said on Wednesday that it placed the stock at 63.25 euros each, a 3.7 percent discount to Tuesday's closing share price, which DZ Bank analyst Peter Spengler said indicated healthy demand for the stock.

Bayer, which is trying to wrap up the $66 billion takeover of U.S. seeds giant Monsanto (>> Monsanto) by the end of the year, had announced the accelerated bookbuilding late on Tuesday, part of its plan to fully sever ties with Covestro over the medium-term.

It has agreed to hold off for 90 days on placing more shares in Covestro, which it spun off as a listed company two years ago. Bayer's pension trust separately holds 8.9 percent of Covestro.

Barclays (>> Barclays) and Citigroup (>> Citigroup) acted as joint bookrunners for the placement, which was aimed at institutional investors.

(Reporting by Maria Sheahan; Editing by Amrutha Gayathri)

Stocks treated in this article : Citigroup, Monsanto, Bayer, Barclays, Covestro
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Financials (€)
Sales 2017 13 617 M
EBIT 2017 2 189 M
Net income 2017 1 389 M
Debt 2017 1 001 M
Yield 2017 2,63%
P/E ratio 2017 10,31
P/E ratio 2018 12,38
EV / Sales 2017 1,13x
EV / Sales 2018 1,08x
Capitalization 14 444 M
Chart COVESTRO
Duration : Period :
Covestro Technical Analysis Chart | 1COV | DE0006062144 | 4-Traders
Technical analysis trends COVESTRO
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 74,1 €
Spread / Average Target 3,9%
EPS Revisions
Managers
NameTitle
Patrick Webster Thomas Chief Executive & Financial Officer
Richard Pott Chairman-Supervisory Board
Klaus Schäfer Chief Technology Officer
Petra Kronen Vice Chairman-Supervisory Board
Thomas Fischer Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COVESTRO9.44%17 278
LG CHEM LTD--.--%24 138
FORMOSA PLASTICS CORPORATION--.--%19 767
FORMOSA CHEMICALS & FIBRE CORPORATION--.--%18 142
LOTTE CHEMICAL CORP--.--%11 614
DAICEL CORP5.87%4 285