Ubben’s Inclusive Capital Sells Bayer Stake After 25% Price Drop

Inclusive Capital Partners sold its stake in Bayer AG at a price about 25% lower than when the investment firm led by activist Jeff Ubben first disclosed a holding in January 2023.

The investor sold about 8.5 million shares at €37.45 ($43.43) apiece, in a stock placing arranged by JPMorgan Chase & Co., according to terms seen by Bloomberg. The stake is worth about €318 million, the terms showed. Bayer’s shares fell as much as 3.7% in early trading on Tuesday, below the offer price.