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News
October 01, 2015 02:00 AM

Covestro stock launch reconfigured due to market jitters

Simon Robinson
URETHANES TECHNOLOGY INTERNATIONAL
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    Bayer said this morning that it expected Covestro, the former MaterialScience division of the chemical group, to be able to raise around 1.5 billion euros ($1.7 billion) instead of 2.5 billion euros ($2.8 billion) initially planned when it becomes a publicly traded share because of stock market uncertainty.

    Bayer will donate an extra 1 billion euros ($1.12 billion) to Covestro to maintain the debt on Covetro's balance sheet at launch at 4 billion euros ($4.5 billion), including pension liabilities, Bayer said.

    Since the start of the process to determine the price of shares ahead of the launch on the Frankfurt and Luxembourg stock markets the global financial position has deteriorated, Bayer said.

    The company said the share price range had been reduced from 26.50 euros $(29.66) to 35.50 euros ($39.74) per share to between 21.50 euros ($24) and 24.50 euros ($27.42) per share because of uncertainties over the U.S. Federal Reserve's interest rate policies, and future economic growth in China.

    Bayer said the initial listing is being postponed to Oct. 6 from Oct. 2. Shares will trade under the ticker symbol 1COV.

    Bayer's stock has gained 1.7 percent this year.

    Covestro has 30 production sites around the world and employed approximately 14,200 people at the end of 2014.

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