What is the relationship between Covestro and Bayer in the context of the input sentence. Choose an answer from: 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