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June 07, 2005 12:00 AM

Bayer sells mandatory convertible bond back to Lanxess

Utech Staff
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    Leverkusen, Germany-The Bayer Group has sold the mandatory convertible bond it purchased in September 2004 back to Lanxess AG at a transaction price exceeding its nominal value. Bayer had acquired the Euro 200-million bond in its entirety at the nominal value from Lanxess on 15 Sept 2004, to support the financial status and rating of the new chemical company, it explained in a 7 June statement.The sale of this bond is in line with Bayer's previously stated intent that it would not pursue a strategic interest with respect to Lanxess, the Bayer statement commented."

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