Bayer Intends to Delist from the New York Stock Exchange.* Purpose is to Reduce Complexity and Costs * Transparent Financial Reporting Will Continue LEVERKUSEN -- Bayer AG intends to file for delisting of its American Depositary Shares (ADSs) from the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ). 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 deregistration removal of right to practice by local registering body, usually as a disciplinary measure because of professional misconduct, possibly because of inability to perform because of psychiatric problem. will enable us to achieve this with fewer formalities and therefore at lower cost," explained Klaus Kuhn, CFO See Chief Financial Officer. of the Bayer Group. The company expects its withdrawal from the NYSE to result in annual savings of some EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 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 International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ). The company remains committed to maintaining an open and direct dialog with institutional investors and analysts in the United States. Forward-Looking Statements This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Note to Editors: There should be an umlaut over the "u" in "Kuhn" above and over the "u" in "Gunter" in the contact information. |
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