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.
Take context from the input text and decide on the accurate relationship between 'Covestro' and 'Bayer' from the options provided.
Options: parent organization, owned by, chief executive officer, employer