NEW YORK -- The Bank of New York said recently that Bayer AG, headquartered in Leverkusen, Germany, has selected the bank as depositary for its sponsored Level-I American depositary receipt program.
Bayer is an international diversified chemicals and health care company with operations in 150 countries.
The American depositary shares will trade on the over-the-counter market.
The Bank of New York is the world's largest depositary for American and global depositary receipt facilities that allow non-U.S. companies to offer dollardenominated securities to investors in the United States.
The bank, which on Wednesday announced plans to acquire BankAmerica Corp.'s ADR business (see page 5), currently issues depositary receipts for more than 800 non-U.S. companies representing 44 countries and accounts for about 54% of all public sponsored depositary receipt programs.