Bayer Mum on Covestro Drawdown Plan

26.02.2016 -

Bayer has refused to be drawn on when it plans to reduce the 69% stake it holds in Covestro, the former Bayer MaterialScience, following the flotation of 31% on the stock market in September 2015.

In response to questions at the annual results press conference in Leverkusen on Feb. 25, the German group’s chief financial officer, Johannes Dietsch, said there is no current timetable for a drawdown. However, he stressed that the former Bayer subgroup is purely a financial investment.

A complete pullback is still on track for the medium term, Dietsch said.