Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

COVESTRO (1COV)
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Covestro : Bayer cedes control of Covestro

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/03/2017 | 01:45pm CEST

Release date- 02102017 - Leverkusen - Bayer has definitively ceded control of Covestro AG.

Through the sale of a further 6.9 percent of Covestro shares for EUR 1 billion, the direct interest held by Bayer AG has now been reduced to 24.6 percent. In addition, Bayer Pension Trust continues to hold 8.9 percent. 'Through the move, we have taken a major step toward our goal of achieving full separation from Covestro in the medium term,' said Werner Baumann, Chairman of the Board of Management.

The buyers have agreed to be bound by a lock-up arrangement pursuant to which they will not sell the shares they have just purchased until at least December 11, 2017. Due to agreements being in place, Bayer will retain the economic exposure to the price of these shares until at least the same date.

In addition, Bayer and Covestro have signed a control termination agreement, as part of which Bayer has undertaken to not exercise certain voting rights at the Covestro Annual Stockholders' Meeting. This ensures that Covestro will no longer need to be fully consolidated in Bayer's consolidated financial statements.

Covestro will be reported as a discontinued operation in Bayer's financial reporting for the third quarter of 2017. For continuing operations, Bayer's key data, such as sales, EBITDA before special items, EBIT and core earnings per share, will be adjusted retrospectively to exclude Covestro's contributions. In addition, all assets and liabilities allocated to Covestro will not feature in Bayer's statement of financial position as of September 30. The remaining Covestro interest will be carried at the current market value, and, from October 1, 2017, will be accounted for using the equity method.

Bayer will revise its Group outlook for fiscal 2017 to reflect these changes and will publish it on October 26, 2017, as part of its third quarter reporting.

Find more information at 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. These factors include those discussed in Bayer's public reports, which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Additional Information

This press release constitutes neither an offer to sell nor a solicitation to buy any securities of Bayer, Covestro or their respective subsidiaries. The Covestro shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in the United States of America absent registration or an applicable exemption from the registration requirements under the Securities Act.

Contact:

Tel: +49 214 30-47686

Fax: +49 214 30-55156

(c) 2017 Electronic News Publishing -, source ENP Newswire

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COVESTRO
10/19 COVESTRO : Dr. Markus Steilemann Announced as the New Chair of the SusChem Board
10/19 STRONG SIGNAL FROM THE WORKFORCE : Covestro wins the German Chemistry Award 2017
10/17 COVESTRO : TrendMiner Customers Presenting Gained Operational Value of Data Anal..
10/17 CHEMICAL INDUSTRY WILL USE WASTE GAS : Europeans join forces on CO2
10/16 CFRTP COMPOSITES FROM COVESTRO STAND : Innovative materials for future lightweig..
10/13 COVESTRO : backs Sonnenwagen Aachen in World Solar Challenge 2017
10/13 COVESTRO AG : Release according to Article 26, Section 1 of the WpHG [the German..
10/10 CORRECTION OF A RELEASE FROM 06.10.2 : 12 CET/CEST - Covestro AG: Release accord..
10/10 COVESTRO : Showcases Polycarbonate Sheet with Technical Advancements at APTA Exp..
10/09 COVESTRO'S LUCORE ON THINC30 : Taking the Global UN Sustainable Development Goal..
More news
News from SeekingAlpha
08/29 COVESTRO HAS A LUXURY PROBLEM : Are Special Dividends Around The Corner?
06/30 Covestro AG (CVVTF) Investor Presentation - Slideshow
06/12 Reports Of The Demise Of Chemical Innovation Are Greatly Exaggerated
Financials (€)
Sales 2017 13 693 M
EBIT 2017 2 257 M
Net income 2017 1 417 M
Debt 2017 912 M
Yield 2017 2,66%
P/E ratio 2017 10,07
P/E ratio 2018 12,05
EV / Sales 2017 1,13x
EV / Sales 2018 1,08x
Capitalization 14 546 M
Chart COVESTRO
Duration : Period :
Covestro Technical Analysis Chart | 1COV | DE0006062144 | 4-Traders
Technical analysis trends COVESTRO
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 76,1 €
Spread / Average Target 6,0%
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$)
COVESTRO10.16%17 139
LG CHEM LTD--.--%23 963
FORMOSA PLASTICS CORPORATION--.--%19 548
FORMOSA CHEMICALS & FIBRE CORPORATION--.--%18 232
LOTTE CHEMICAL CORP--.--%12 089
DAICEL CORP7.26%4 281