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Leverkusen, April 21, 2016 – The Bayer Group has deposited 10 million shares of Covestro AG in Bayer Pension Trust e. V., a contractual trust arrangement for pension finance. The package amounts to 4.94 percent of Covestro’s entire share equity and would reduce Bayer’s holding in the polymer materials manufacturer from about 69 percent to around 64 percent. “This is a further step to safeguard the company’s post-employment benefits,” explained Johannes Dietsch, Bayer’s Chief Financial Officer. The measure will result in a reduction of the net amount recognized for pension provisions by EUR 338 million (from EUR 10.8 billion at December 31, 2015).
Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2015, the Group employed around 117,000 people and had sales of EUR 46.3 billion. Capital expenditures amounted to EUR 2.6 billion, R&D expenses to EUR 4.3 billion. These figures include those for the high-tech polymers business, which was floated on the stock market as an independent company named Covestro on October 6, 2015. For more information, go to www.bayer.com.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.