MOSCOW (MRC) -- Germany's Bayer and its investment bank advisers are rethinking options for the initial public offering (IPO) of the plastics group scheduled for Friday, given books are still not covered, said Reuters, citing several sources familiar with the situation.
Uncertain investor demand is prompting a review of options including trimming the planned EUR2.5 billion (USD2.8 billion)volume, reducing the price or delaying the IPO altogether, the sources said.
"A decision has yet to be taken," one of the sources said.
As MRC imformed earlier, from September 1, 2015, Bayer MaterialScience became known as Covestro. Bayer aims to float this business on the stock market by mid-2016 at the latest. The plans for the carve-out of Bayer MaterialScience were announced in September 2014.
Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. As an innovation company, it sets trends in research-intensive areas. Bayer's products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2014, the Group employed 118,900 people and had sales of EUR 42.2 billion.
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