Bayer Sells $1.5 Billion in Covestro Stock to Trim Debt

Bayer AG sold 1.46 billion euros worth of shares in plastics maker Covestro AG to gain financial leeway as it seeks clearance for its $66 billion takeover of agriculture giant Monsanto Co. Bayer sold 22 million shares for 66.50 euros each, paring its stake in its former division to 53.3 percent, the German conglomerate said in a statement on Wednesday.