Covestro will place the new shares as part of the capital increase announced yesterday at a price of EUR 43.85. 10.2 million new Covestro shares will be issued, bringing the issue to a gross volume of around 447 million euros. “The 10,200,000 new no-par-value bearer shares were placed with institutional investors using an accelerated bookbuilding process and will be entitled to dividends for the 2020 financial year,” said Vovestri, who had targeted up to 450 million euros in proceeds from the issue.
With the money, the company wants parts of the purchase price in the course of the announced Acquisition of the Resins & Functional Materials division from Royal DSM refinance. Covestro excluded shareholders’ subscription rights for this capital increase. The share price of the Leverkusen company ended Tuesday’s trading at EUR 44.25, down 1.1 percent for the day.
At a glance – chart and news: Covestro