LONDON, FRANKFURT, Germany and NEW YORK, Jan. 10,
2017 /PRNewswire/ -- BNY Mellon has been appointed by
Covestro AG as depositary bank for its sponsored American
depositary receipt (ADR) program, replacing previously unsponsored
facilities. The ADRs will continue to trade on the U.S.
over-the-counter market under the symbol "COVTY."
Headquartered in Germany,
Covestro is among the world's largest polymer companies, with sales
of EUR 12.1 billion in 2015. The
company focuses on the manufacture of high-tech polymer materials
and the development of innovative solutions for products used in
many areas of daily life. Its products are used in the automotive,
electrical and electronics, construction and sports and leisure
industries. Formerly Bayer MaterialScience, Covestro has 30
production facilities worldwide and employed approximately 15,800
people as of year-end 2015.
"The U.S. is a crucial strategic market for Covestro, both
operationally as well as in terms of our investor base. With the
conversion to a sponsored Level I ADR program, we aim to facilitate
access to the stock for global investors and further broaden our
shareholder base in the long term," said Frank H. Lutz, CFO of Covestro. "It also enables
us to roll out our Employee Share Program, Covestment, for our U.S.
colleagues."
"Germany continues to be an
important market for U.S. investors," said Christopher M. Kearns, CEO of BNY Mellon's
Depositary Receipts business. "We look forward to working closely
with Covestro and providing the resources and market expertise to
help the company take its new sponsored DR to the next level."
Covestro is the latest global firm to convert from an
unsponsored to a sponsored depositary receipt program, which can
add value in terms of enhanced visibility, liquidity, and other
benefits from being serviced by a single depositary bank. Over the
last three years, 21 companies from a dozen countries with
unsponsored programs have appointed BNY Mellon as their sponsored
depositary.1
BNY Mellon acts as depositary for more than 2,600 American and
global depositary receipt programs as of Sept. 30, 2016. Acting in partnership with
leading companies from over 65 countries, BNY Mellon is committed
to helping securities issuers access the world's rapidly evolving
financial markets and delivers a comprehensive suite of depositary
receipt services. Learn more at www.bnymellon.com/dr.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Sept. 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or
administration, and $1.72 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Learn more at bnymellon.com. Follow us on Twitter @BNYMellon
or visit our newsroom at bnymellon.com/newsroom for the latest
company news.
This release is for informational purposes only. BNY Mellon
provides no advice nor recommendation or endorsement with respect
to any company or securities. Nothing herein shall be deemed to
constitute an offer to sell or a solicitation of an offer to buy
securities. Depositary Receipts: Not FDIC, State or Federal Agency
Insured; May Lose Value; No Bank, State or Federal Agency
Guarantee. BNY Mellon provides no advice nor recommendations or
endorsement with respect to any company, security or products based
on any index licensed by BNY Mellon, and we make no representation
regarding the advisability of investing in the same.
1 Source: BNY Mellon, www.bnymellon.com/dr
Contact:
Malcolm Borthwick
+44 20 7163 4109
malcolm.borthwick@bnymellon.com
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SOURCE BNY Mellon