Bayer announced today that it had sold a 9.4% stake in Covestro, its polyurethanes and polycarbonates affiliate, cutting its direct stake to 31.5%.
Bayer sold 19 million Covestro shares to institutional investors at a price of €63.25 ($75.76) per share, raising €1.2 billion before expenses. The placement took place Tuesday evening at a 3.7% discount to the closing market price. As part of the placement, Bayer agreed to a 90-day lock-up period where it would not sell additional shares.
Bayer says that, until further notice, Covestro will continue to be fully consolidated in Bayer’s financial statements as it wll continue to hold the de facto majority at the Covestro annual stockholders meeting. Some 8.9% of Covestro shares are still held indirectly in Bayer pension fund. Bayer says it intends to achieve full separation from Covestro in the medium term. The placing is part of Bayer’s efforts to raise funds for its proposed $66-billion Monsanto acquisition.
By Natasha Alperowicz
Source: Chemical Week
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.
