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This is the first of a two-case series (106-059-1 and 306-207-1). This case is situated in the chemical and pharmaceutical industry and deals with the ongoing restructuring at Bayer AG, which resulted in the separation of most of the company''s chemical activities and about one third of its polymer operations into an independent publicly-traded company Lanxess AG. Bayer was pressured by financial markets and needed to change its strategy in the light of decreasing stock value. Furthermore the case serves as the prelude for the case Lanxess AG (B), which presents in more depth the financial background and the rationale for different options to realise such a separation. A teaching note supplement (306-207-9) is available to accompany the teaching note.