Bayer stock makes its debut on the New York Stock Exchange; CEO Dr. Manfred Schneider rings the opening bell.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 24, 2002 Bayer AG today listed its shares on 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. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "BAY." Bayer CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dr. Manfred Schneider rang the bell at 9:30 AM today that traditionally signals the start of the trading day on Wall Street. Shortly afterwards, he placed the first order for Bayer shares from the trading floor. "Bayer is a very attractive company with enormous potential. Now investors in America can share in our success," said Schneider. First to congratulate Schneider - who was accompanied by CFO See Chief Financial Officer. and CEO-designate Werner Wenning, and Head of North America, Dr. Attila Molnar - was NYSE NYSE See: New York Stock Exchange Chairman and CEO Dick Grasso. "The NYSE is proud to welcome Bayer AG to our family of listed companies," he said. "Bayer is a familiar and trusted household name in America and globally. We look forward to a partnership with this global brand and to providing access to the world's largest pool of capital and investors." Bayer AG shares are traded in the United States in the form of American Depositary Receipts (ADRs), with one ADR ADR - Astra Digital Radio representing one Bayer share. ADRs are the usual way for U.S. investors to acquire shares in non-U.S. companies. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. acts as depositary bank. No new shares have been issued in conjunction with the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of listing. Bayer has some 730 million no-par shares outstanding, and its market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. is currently about 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. 26 billion. "At present, 8 percent of our stock is already held by American investors," said CFO Werner Wenning. "We are confident that with the listing in New York we can increase this figure." The listing also makes Bayer stock a potential investment for those U.S. funds whose regulations prevent them from buying foreign stocks unless they are listed in the United States. In December 2001 Bayer announced plans to transform the group into a management holding company with four legally independent operating subsidiaries for health care, crop science, polymers and chemicals effective January 1, 2003, subject to stockholders' approval. The pending acquisition of Aventis CropScience will make Bayer one of the market leaders in the crop protection area. Bayer is an international, research-based group with core businesses in health care, crop science, polymers and specialty chemicals. It employs some 120,000 people throughout the world. In 2000 Bayer had sales of EUR 31 billion and net income of EUR 1.8 billion. Capital expenditures amounted to EUR 2.6 billion, R&D spending to EUR 2.4 billion. Note for editors: Photos of the listing on the New York Stock Exchange (including the bell ringing ceremony) can be downloaded from www.presse.bayer.de or ordered by calling +49 (0)214 30-55522. Material from the press conference held in New York on Tuesday, January 22, 2002 are also available at www.presse.bayer.de 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 substantial differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Leverkusen, January 24, 2002 mip/ms (2002-01-012E) |
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