Drug maker Bayer said Tuesday that it will delist its shares from the New York Stock Exchangethis week, a move the company said would save it $21.2 million per year.
The Leverkusen-based maker of Aspirin and other drugs said its shares will trade for the last time on the NYSE on Wednesday. Beginning Thursday, Bayer's American depositary shares will be traded on the over-the-counter market.
Bayer said it also plans to deregister with the Securities and Exchange Commission, meaning it won't be required to disclose results and statements in the United States.
Shares of Bayer were down nearly 1% to 56.40 euros ($79.60) in Frankfurt.