General: Covestro is among the world's largest polymer producers. The Company's business activities are focused on the manufacturing of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. Covestro has 30 production sites around the globe and as of 31 December 2016, employed approximately 15,600 people.
Covestro AG was founded as a subsidiary of Bayer AG on 20 August 2015 as a consequence of Bayer AG's decision to contribute its MaterialScience business to a stock corporation and to list shares of this company on a stock exchange in an initial public offering (IPO). On 1 September 2015, the control and profit and loss transfer agreement between Covestro Deutschland AG (formerly Bayer MaterialScience AG) and Bayer AG was terminated and Covestro Deutschland AG became a subsidiary of Covestro AG. Covestro AG's IPO was conducted on 7 October 2016. Following the IPO,
Bayer AG continued to hold 69% of the share in Covestro and has since reduced its shareholding to 53.3%. Therefore, Covestro AG remains a reporting segment of the Bayer Group.
Agenda: We have no concerns over the agenda items at this year's AGM.