September 05, 2007
Bayer intends to delist from the New York Stock Exchange
Purpose is to reduce complexity and costs / Transparent financial reporting will continueLeverkusen, September 5, 2007 - Bayer AG intends to file for delisting of its
American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE). It
is also planned to deregister with the U.S. Securities and Exchange Commission
(SEC) and thereby terminate the respective reporting obligations. The company's
Board of Management made this decision yesterday and has notified the NYSE
accordingly. Bayer plans for trading in its ADSs on the NYSE to cease at the
end of September or beginning of October 2007.
"Bayer will maintain a high level of transparency in its reporting and thus
continue to satisfy the requirements of international investors. Delisting and
deregistration will enable us to achieve this with fewer formalities and
therefore at lower cost," explained Klaus Kühn, CFO of the Bayer Group. The
company expects its withdrawal from the NYSE to result in annual savings of
some EUR 15 million. Bayer intends to maintain its ADS program as a "level one"
program, so that U.S. investors may continue to hold their securities and trade
them in the U.S. over-the-counter market.
The application to terminate Bayer's listing on the NYSE is to be submitted on
September 17. Delisting would normally become effective ten days thereafter.
Bayer also plans to file for deregistration with the SEC, resulting in
termination of its reporting obligations under the Securities Exchange Act of
1934. Bayer reserves the right to delay or withdraw the filings for any reason
prior to their effectiveness.
Bayer has applied internationally acknowledged accounting and reporting
standards since 1994, currently in the form of the International Financial
Reporting Standards (IFRS). The company remains committed to maintaining an
open and direct dialog with institutional investors and analysts in the United
For more information go to www.bayer.com