Bayer plots Q4 IPO with an eye on $2.8B

Bayer's plastics unit spinoff is in the works for Q4, sources tell Reuters. At that time, the German company plans to carry out an IPO for the business, to be dubbed Covestro, and it's aiming to raise about €2.5 billion ($2.8 billion). The Leverkusen-based drugmaker, which will focus in on life sciences after divesting the MaterialScience division, a couple weeks back won board approval for Covestro's newly named CEO Patrick Thomas and CFO Frank Lutz. Report

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