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Bayer Boosts Finances With $2.6 Billion Covestro Stake Sale

  • 14% holding remained after earlier selldowns of former unit
  • JPMorgan and Bank of America are advising on the transaction
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Bayer CEO 'Very Confident' About Closing Monsanto Deal

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Bayer AG sold its remaining stake in Covestro AG, raising 2.2 billion euros ($2.6 billion) as the German drugmaker closes in on the planned $66 billion purchase of genetically modified seeds supplier Monsanto Co.

Bayer sold 28.8 million, or 14 percent, of Covestro’s shares for 75.50 euros each, the company said in a statement on Friday. The transaction began after markets closed on Thursday and was managed by Bank of America Corp. and JPMorgan Chase and Co.