Utilize the input text as a context reference, choose the right relationship between Covestro and Bayer from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

The offering would consist solely of new shares issued by Covestro by way of a capital increase, which would be offered publicly in Germany and Luxembourg to private and institutional investors, Bayer explained.

Answer: owned_by