Bayer Schering Pharma announces SEC termination

Bayer Schering Pharma has announced that it is to terminate its registration with the US Securities and Exchanges Commission (SEC). This decision follows the transaction to acquire the Bayer Group, with the firm currently holding in excess of 96 per cent of the company.

In November 2006, trading of American Depositary Receipts (ADRs) of Schering on the New York Stock Exchange was suspended, with this trading moved to the over-the-counter market.

Earlier this year, at an extraordinary stockholders’ meeting of the firm in January, it was decided to conduct a “squeeze-out” of minority shareholders in the firm.

Following deregistration, the company will not be listing its shares or ADRs on any other US-based stock exchanges, with the company’s shares to remain on German markets – including the Frankfurt Stock Exchange – until the finalisation of the purchase of the Bayer Group.

“Bayer Schering Pharma is filing Form 15F with the SEC today,” the company states.

“Form F15 provides the necessary information to the SEC to effect deregistration.”

The firm adds that it will be 90 days following the registration of this form before this deregistration will take effect.

Last month, Bayer Schering Pharma reported that the integration of the firm into the Bayer Group has been “progressing rapidly”, with strong growth maintained at both firms.