The German group BAYER announced that it would be reorganising its activities in the chemicals industry (except for its H. C. STARK and WOLFF WALSRODE subsidiaries and certain polymer activities) into a new venture which will be floated on the stock market by the beginning of 2005. The activities of the future company will account for a turnover of around EUR 5.6 bn or around 19% of the total turnover figure for the group. It will employ around 20, 000.