Bayer Reaches Covestro IPO Target After Price Cut to Offset VWBy
Proceeds target cut by EU1b; orders received for full amount
Capital market situation has deteriorated `significantly'
Bayer AG cut the amount it wants to raise from the initial public offering of its plastics unit by 1 billion euros ($1.1 billion) to generate sufficient investor appetite amid a slump in global stock markets and the Volkswagen AG emissions scandal.
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