Bayer, seeking funds for Monsanto deal, to cut holding in Covestro

• Bayer (OTCPK:BAYRY) says it is reducing its holding in Covestro from the current level of 64.2%, as it seeks funding for its $66B takeover of Monsanto.
• Bayer's statement is not specific, but Reuters reports the company is looking to place ~€1.5B ($1.6B) worth of shares; Bayer also reiterates that it intends to sell all of its Covestro shares in the coming years.
• Bayer placed €4B in mandatory convertible notes in November, part of a plan to raise $19B worth of fresh equity capital.