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
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
