LEVERKUSEN, Germany (Aug. 17)—Bayer A.G. has postponed its planned listing on the New York Stock Exchange, scheduled for Sept. 26, due to uncertainty caused by its withdrawal last week of a key pharmaceutical product. The German group's Wall Street listing now will not take place until early next February, giving the group more time to assess the implications of last week's withdrawal of its cholesterol-lowering drug Lipobay/Baycol following implications the drugs may be linked to at least 31 deaths in the U.S. "We don´t want to list our shares on what is for us the world´s most important capital market without being able to give convincing answers to the questions that have been raised," said Bayer Chairman Manfred Schneider, in a company statement. "We need more time—not until February next year, of course, but the listing can´t be rescheduled any sooner for technical reasons," Schneider added. The value of the company's shares on European exchanges dropped by more than 25 percent in recent weeks following the first news of the Baycol-fatalities link.
Bayer postpones NYSE listing in wake of drug scare
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