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Business

Bayer to List Lanxess Unit on Stock Exchange

Bayer, the German chemicals and pharmaceuticals giant, said Wednesday that its industrial chemicals and polymers business Lanxess would be listed on the stock exchange from January 31. An extraordinary meeting of Bayer shareholders on Nov 17 had overwhelmingly approved the de-merger of Lanxess, whereby Bayer shareholders received one share in Lanxess for every 10 Bayer shares they own. Lanxess, which has about €six billion ($8.162 billion) in annual sales, began operating independently on July 1. It is made up of four business segments -- chemical intermediates, performance chemicals, performance plastics and performance rubber. The spin-off is similar to the move made by former German chemicals giant Hoechst, when it merged with French group Rhone-Poulenc in 1999 to form the life sciences giant Aventis.