Germany’s Bayer says that it expects to launch its new chemicals and polymers unit, Lanxess, on the stock market on January 31, 2005, and the corresponding documents have been submitted to the Frankfurt Stock Exchange.
Lanxess was launched as a stand-alone company back in July last year, but at the time, the German company was still debating whether the stock market listing would take place via a public offering or as a spin-off to existing shareholders [[01/07/04d]]. It ultimately took the latter route – a decision that received backing from 99.66% of its shareholders in November [[19/11/04d]]. Bayer shareholders will be granted one Lanxess share for each 10 Bayer shares they hold.
The German company says that the spin-off comes as part of its strategic realignment process, which sees it concentrating its efforts on its core businesses of healthcare, nutrition and high-tech materials.