Bayer has sold most of its remaining stake in Covestro to raise money for its pending purchase of U.S. seed giant Monsanto.
The German drug giant Friday said it sold 28.8 million shares of its former subsidiary for 2.2 billion euros ($2.6 billion).
The proceeds will help it finance its $63 billion deal to buy St. Louis-based Monsanto. That transaction still needs final approval from the U.S. government.
Covestro was created in 2015 when Bayer spun off its plastics unit, Bayer MaterialScience, to focus more on its pharmaceuticals, consumer health and agricultural products.
Covestro is based in Germany and has its North American headquarters in Robinson.
Bayer now holds 6.8 percent of Covestro shares which it acquired from the Bayer Pension Trust.
Joyce Gannon: jgannon@post-gazette.com or 412-263-1580.
First Published: May 4, 2018, 3:24 p.m.
