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Außerordentliche Hauptversammlung 2004
 
Lanxess spin-off approved by an overwhelming majority
The stockholders of Bayer AG have cleared the way for the spin-off of Lanxess. At the Extraordinary Stockholders' Meeting in Essen, they voted by a majority of 99.66 percent of the capital stock represented to approve the Spin-Off and Acquisition Agreement between Bayer AG and Lanxess AG. The Lanxess unit, which is currently operating as a Bayer subgroup, can thus be spun off. Lanxess comprises most of Bayer's chemicals activities and about one third of its polymers business. Bayer will thereafter concentrate on the primarily innovation- and technology-driven core businesses of health care, nutrition and high-tech materials.
Rund 4.200 Besucher kamen zur außerordentlichen Bayer-Hauptversammlung in die Essener Gruga-Halle. Bei der Abstimmung votierten die Aktionäre mit überwältigender Mehrheit für den vorgeschlagenen Abspaltungs- und Übernahmevertrag zwischen der Bayer AG und der Lanxess AG.
About 4,200 people attended the Extraordinary Stockholders' Meeting of Bayer AG in the Gruga-Halle in Essen. The stockholders consented to the proposed Spin-Off and Acquisition Agreement between Bayer AG and Lanxess AG by an overwhelming majority.
Bayer AG Management Board Chairman Werner Wenning expressed his satisfaction with the clear result of the vote: "We were able to convince our stockholders that this strategic step can create value for the company, and thus for its stockholders as well. Bayer and Lanxess have everything they need for success in the future."
 
Freuten sich über den gelungenen Verlauf der außerordentlichen Hauptversammlung in Essen: Werner Wenning (l.) und Dr. Manfred Schneider.
Werner Wenning, Chairman of the Board of Management, and Dr. Manfred Schneider, Chairman of the Supervisory Board, were pleased that the Extraordinary Stockholders' Meeting had approved Bayer's plans.
This decision by Bayer's stockholders
is a crucial step in the planned a spin-off. For every 10 shares in Bayer, each stockholder will receive one Lanxess share in addition. It is intended to list Lanxess shares on the stock market in early 2005.  
 
In his address at the start of the Extraordinary Stockholders' Meeting, which was chaired by Bayer Supervisory Board Chairman Dr. Manfred Schneider, Wenning described the vote as a milestone on the road to implementing Bayer's strategic realignment. "Having thoroughly examined the various possible ways to accomplish the separation, we are convinced that a spin-off is the best option," said Wenning, outlining the opportunities resulting from the planned spin-off. 
 
 

Lanxess
Video Report on the Extraordinary Stockholders' Meeting (3:55 Min.)
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Last updated: November 25, 2004

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