UPDATE 1-Germany's Bayer says to delist from NYSE
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FRANKFURT, Sept 5 (Reuters) - Bayer BAYG.DE plans to de-list its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE) to save around 15 million euros ($20 million) a year, the German drugs and chemicals group said.
Bayer said in a statement on Wednesday it also planned to deregister with the U.S. Securities and Exchange Commission
(SEC) and terminate the related reporting obligations.
"Bayer will maintain a high level of transparency in its reporting and thus continue to satisfy the requirements of international investors," said Klaus Kuehn, chief financial officer of Bayer.
"Delisting and deregistration will enable us to achieve this with fewer formalities and therefore at lower cost," he added.
Bayer, which had notified the NYSE, said trading in its ADSs is to cease at the end of September or beginning of October 2007.
The company said it would keep its ADS programme as a "level one" programme to allow U.S. investors to hold their securities and trade them in the U.S. over-the-counter market.
Bayer shares were indicated 0.3 percent lower ahead of market open at 0700 GMT.
Other major German companies that are pulling out of the U.S. exchange to reduce reporting complexity and cut costs include chemicals group BASF BASF.DE and SGL Group (SGCG.DE), a carbon and graphite products maker.
((Reporting by Mantik Kusjanto; editing by Paul Bolding; Reuters Messaging: mantik.kusjanto.reuters.com@reuters.net; E-mail: mantik.kusjanto@reuters.com; +49 69 7565 1203))
($1=.7361 Euro) Keywords: BAYER EXCHANGE/
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