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.
Analyze the relationship between 'Covestro' and 'Bayer' within the context of the input sentence.
Options: chief executive officer, owned by, employer, parent organization