Bayer sets date for Lanxess launch
German chemical giant, Bayer AG, has announced that it has set a date for the launch of the new chemical company Lanxess on the stock market, January 31, 2005. The corresponding listing memorandum has been submitted to the Frankfurt Stock Exchange.
Bayer stockholders will be granted one Lanxess share for each 10 Bayer shares they hold, the number being determined by the number of Bayer shares held by each stockholder on the evening of the day on which the spin-off is entered into the commercial register for Bayer AG.
The spin-off of Lanxess is part of Bayer's strategic realignment process. Lanxess currently operates as a subgroup of Bayer comprising most of the chemicals activities and about one third of the polymers business. Bayer will concentrate in the future on the primarily innovation- and growth-driven core businesses of health care, nutrition and high-tech materials.
