Bayer cuts stake in plastics company to finance Monsanto deal

Bayer AG is reducing its stake in Covestro to finance its pending $66 billion purchase of Monsanto.

On Wednesday, the company announced it dropped its stake in the plastics company it previously spun out to 44.8 percent from 53.3 percent.

Other sources of financing for Monsanto are $19 billion in new equity and $38 billion of debt, as well as $57 billion in bridge financing.

Read more from the St. Louis Business Journal.