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Lanxess to float from 31 Jan

By David Reed, UT EditorLeverkusen , Germany-Bayer AG is to place its recently created Lanxess AG subsidiary on the stock market on 31 Jan 2005. The spin-off is part of Bayer’s strategic realignment process, which started over three years ago, spurred by problems with its Lipobay/Baycol cholesterol-lowering drug which ran into problems following several deaths allegedly linked to use of the drug in the US.The corresponding listing memorandum has been submitted to the Frankfurt Stock Exchange. Current plans call for the spin-off to be entered into the commercial register for Bayer AG on 28 Jan and trading of the company’s shares could then begin on 31 Jan, a 29 Dec statement from Bayer indicated.Lanxess currently operates as a subgroup of Bayer comprising most of the firm’s chemicals activities and about one third of its polymers business including some polyurethane systems activities. Bayer itself will now concentrate on the more innovation- and growth-driven core businesses of health care, nutrition and high-tech materials. Its Bayer MaterialScience subgroup will include the firm’s major polyurethane raw material manufacturing businesses.”

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