Bayer opts to spin off Lanxess to shareholders

By Patrick Raleigh, ERJ On-line news editor

Leverkusen, Germany-Bayer AG has decided to separate off its Lanxess subsidiary via a spin off to its own shareholders rather than an initial public offering (IPO)-its other stated option for the chemicals, rubber and plastics unit.

The spin off, which will see Lanxess listed separately on the Frankfurt stock exchange at the start of 2005 is subject to approval of an Extraordinary Stockholders’ Meeting in mid-November, said Bayer. The group added that it will give full details the spin-off…

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