Bayer AG plans to delist from NYSE

German drug and chemicals firm Bayer AG intends to file for delisting of its American Depositary Shares from the New York Stock Exchange and also plans to deregister with the US Securities and Exchange Commission and thereby terminating the respective reporting obligations.

The firm plans for trading in its ADSs on the NYSE to cease at the end of September or beginning of October. "Bayer will maintain a high level of transparency in its reporting and thus continue to satisfy the requirements of international investors. Delisting and deregistration will enable us to achieve this with fewer formalities and therefore at lower cost," explained Klaus Kuhn, chief financial officer of the Group.

The company expects its withdrawal from the NYSE to result in annual savings of some 15.0 million euros ($20.5 million). Bayer intends to maintain its ADS program as a "level one" program, so that US investors may continue to hold their securities and trade them in the US over-the-counter market. The application is to be submitted on September 17 and delisting would normally become effective ten days thereafter.