LEVERKUSEN (dpa-AFX) - The investment company Temasek signed an agreement to subscribe to 31 million new shares of Bayer (BAYZF.PK, BAYRY.PK, BYR.L), corresponding to 3.6 percent of the capital stock, for total gross proceeds of 3 billion euros. With the consent of the Supervisory Board, the Board of Management of Bayer AG resolved to execute the capital increase out of authorized capital against cash contributions and excluding the subscription rights of existing Bayer shareholders.
As per the agreement, Bayer is to issue to a subsidiary of Temasek at an at-market price the new registered (no-par value) shares with an entitlement to dividends as of January 1, 2017.
On completion of the capital increase, together with its existing shareholdings in Bayer, Temasek will hold about 4 percent of the issued capital stock of Bayer. The shares issued to Temasek will not be subject to any lock-up period.
Copyright RTT News/dpa-AFX