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[November 2004]
Spin-Off Of Lanxess from Bayer Gains Stockholder Approval
The stockholders of Bayer AG (Leverkusen, Germany) have cleared the way for the spin-off of Lanxess. At the EGM on 17 November 2004 in Essen, Germany, they voted by a majority of 99.66% of the capital stock represented to the Spin-Off and Acquisition Agreement between Bayer AG and Lanxess AG as proposed by the Board of Management and the Supervisory Board.
The Lanxess unit, which is currently operating as a Bayer subgroup, can thus be spun off. Lanxess comprises most of Bayer's chemicals activities and about one-third of its polymers business. Bayer thereafter will concentrate on the primarily innovation and technology driven core business of health care, nutrition and high tech materials.
Board Chairman Werner Wenning said: "We were able to convince our stockholders that this strategic step can create value for the company and thus for its stockholders as well. Bayer and Lanxess have everything they need for success in the future".
ENDS