LEVERKUSEN, Germany—German pharmaceuticals group Bayer AG on Tuesday moved a step closer to floating its €11 billion ($12.38 billion) specialty chemicals business by legally and economically separating the unit, now named Covestro AG.
Refer to the input text as context and select the correct relationship between 'Covestro' and 'Bayer' from the available options.
Options: parent organization, owned by, employer, chief executive officer