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

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.
owned by