Germany’s Bayer AG (BAYN.XE) said Thursday that it has reduced its stake in Covestro AG (1COV.XE) to 14.2% from 24.6%, following a placement late Wednesday.

The pharmaceutical company said it sold 21 million shares at a price of 86.25 euros ($103.13) a share.

Due to interest shown by investors, the placement volume amounted to EUR1.8 billion, exceeding the EUR1.5 billion initially envisaged, the company said.

Credit Suisse and Goldman Sachs International acted as joint bookrunners, Bayer said. As part of the placement, Bayer has agreed to a 90-day lock-up period.

Apart from the direct interest that Bayer holds in Covestro, Bayer Pension Trust holds a further 8.9%.

Bayer has previously said that it intends to achieve full separation from Covestro in the medium term.

https://www.marketwatch.com/story/bayer-cuts-direct-covestro-stake-to-142-2018-01-11