Utilize the input text as a context reference, choose the right relationship between 'Covestro' and 'Bayer' from the options.
Options: employer, chief executive officer, parent organization, owned by

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