Allen & Overy LLP advised Bayer on all financing aspects in connection with the spin-off of the MaterialScience division, now doing business under the name of Covestro, and on the IPO of Covestro AG.

The advice also comprised the conclusion of a syndicated facility agreement for Covestro AG.

The Covestro group, since September 2015 a legally independent group with Covestro AG as parent, is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life.

The Allen & Overy team was led by partner Dr. Neil George Weiand and comprised partners Thomas Neubaum (both banking and finance, Frankfurt), Matthew Bisley (banking and finance, Shanghai), Marc O. Plepelits (US corporate finance, Frankfurt), Martin Scharnke (international capital markets, Frankfurt), Dr. Marcus Helios (tax, Düsseldorf), counsel Dr. Mark Hallett and associates Dr. Alexander Schilling (both banking and finance, Frankfurt) and Sean Zhang (banking and finance, Shanghai).

Partner Jack L. Heinberg and associate Brian Schultz (both tax, New York) advised on FATCA aspects.
In-house advisors were Dr. Martin Eisenhauer and Dr. Amanda Lipuscek.