Refer to the input text as context and select the correct relationship between 'Covestro' and 'Bayer' from the available options.
Options: parent organization, owned by, employer, chief executive officer

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