22 November 2004 00:01 [Source: ICB Americas]
Last week, Bayer’s shareholders approved, with virtually no dissent, the spinoff of Lanxess, the newly formed chemicals entity scheduled for listing on the stock market early next year.
At least 75 percent of the capital stock represented at an extraordinary stockholders’ meeting was required for the spinoff to go ahead.
The shareholders at the meeting voted by a majority of 99.66 percent of the stock represented in favor of the measure. Representatives from just under 43 percent of the €1.87 billion ($2.4 billion) in stock were at the meeting.
Lanxess, which has annual sales of around €6 billion, comprises most of Bayer’s chemicals activities and about a third of its polymers business. Each shareholder will be receiving one Lanxess share for every 10 Bayer shares.
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