BAYER AKTIENGESELLSCHAFT (incorporated in the Federal Republic of Germany) as Issuer and as Guarantor for Notes issued by

Transcription

1 First Supplement to the Debt Issuance Programme Prospectus dated March 19, 2014 Dated May 21, 2014 This document constitutes a supplement (the Supplement) within the meaning of Article 16(1) of Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003, as amended (the Prospectus Directive) to four base prospectuses: (i) the base prospectus of Bayer Aktiengesellschaft in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of April 29, 2004, as amended ( Non-Equity Securities), (ii) the base prospectus of Bayer Capital Corporation B.V. in respect of Non-Equity Securities, (iii) the base prospectus of Bayer Holding Ltd. in respect of Non-Equity Securities and (iv) the base prospectus of Bayer Nordic SE in respect of Non-Equity Securities (together, the Prospectus). BAYER AKTIENGESELLSCHAFT (incorporated in the Federal Republic of Germany) as Issuer and as Guarantor for Notes issued by BAYER CAPITAL CORPORATION B.V. (incorporated in the Netherlands) BAYER HOLDING LTD. (incorporated in Japan) BAYER NORDIC SE (incorporated in Finland) 15,000,000,000 Programme for the Issuance of Debt Instruments Each Issuer has requested the Commission de Surveillance du Secteur Financier (the Commission) to provide the competent authorities in the Federal Republic of Germany, the United Kingdom of Great Britain and Northern Ireland, the Republic of Ireland and the Republic of Austria with a certificate of approval attesting that the Supplement has been drawn up in accordance with the Loi relative aux prospectus pour valeurs mobilières dated July 10, 2005, as amended (the Luxembourg Law) which transforms the Prospectus Directive into Luxembourg law (Notification). Each Issuer may request the Commission to provide competent authorities in additional host Member States within the European Economic Area with a Notification. This Supplement has been approved by the Commission, has been filed with said authority and will be published in electronic form (together with the documents incorporated by reference into this Supplement) on the website of the Luxembourg Stock Exchange (

2 Bayer Aktiengesellschaft (Bayer AG and together with its consolidated subsidiaries, the Bayer Group, Group or Bayer) with its registered office in Leverkusen, Bayer Capital Corporation B.V. (Bayer Capital Corp) with its registered office in Mijdrecht, Bayer Holding Ltd. (Bayer Holding Ltd.) with its registered office in Tokyo and Bayer Nordic SE (Bayer Nordic) with its registered office in Espoo (each an Issuer and together the Issuers) are solely responsible for the information given in this Supplement. The Issuers accept responsibility for the information contained in this Supplement. To the best of the knowledge of the Issuers (which have taken all reasonable care to ensure that such is the case) the information contained in this Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information. Terms defined or otherwise attributed meanings in the Prospectus have the same meaning in this Supplement. This Supplement is prepared for the purposes of amending and supplementing the information contained in the Prospectus. It constitutes a supplement to, and should be read in conjunction with, the Prospectus dated March 19, It shall only be distributed in connection with the Prospectus. To the extent that there is any inconsistency between any statement in this Supplement and any other statement in or incorporated by reference in the Prospectus, the statements in this Supplement will prevail. Save as disclosed in this Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to information included in the Prospectus which is capable of affecting the assessment of Notes issued under the Programme since the publication of the Prospectus. The Issuers have confirmed to the Dealers that the Prospectus as supplemented by this Supplement contains all information with regard to each Issuer and the Notes which is material in the context of the Programme and the issue and offering of Notes thereunder; that the information contained therein with respect to each Issuer and the Notes is accurate in all material respects and is not misleading; that any opinions and intentions expressed therein are honestly held and based on reasonable assumptions; that there are no other facts, the omission of which would make any statement, whether fact or opinion, in the Prospectus or this Supplement misleading in any material respect; and that all reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all statements contained therein. No person has been authorised to give any information which is not contained in or not consistent with the Prospectus or this Supplement or any other information supplied in connection with the Programme and, if given or made, such information must not be relied upon as having been authorised by or on behalf of the Issuers or any of the Dealers. Neither the Arranger nor any Dealer nor any person mentioned in the Prospectus or this Supplement, excluding the Issuers, is responsible for the information contained in the Prospectus or this Supplement or any document incorporated therein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents. In accordance with Article 13 paragraph 2 of the law implementing the Prospectus Directive into Luxembourg Law (Loi relative aux prospectus pour valeurs mobilières), investors who have already agreed to purchase or subscribe for Notes before this Supplement is published have the right, exercisable within a time limit of two working days after the publication of this Supplement, until May 23, 2014, to withdraw their acceptances

3 Supplemental Information: 1. Changes relating to the Summary Section B Bayer AG a) The following text shall be inserted on page 4 of the Prospectus after the last sentence of Element B.13 - Recent developments: On May 6, 2014, Bayer announced that it has agreed to acquire the consumer care business of U.S. pharmaceutical company Merck & Co., Inc., Whitehouse Station, NJ, USA, for a purchase price of USD 14.2 billion (EUR 10.4 billion). The acquisition strengthens Bayer's business in non-prescription (over-the-counter, OTC) products, and enhances Bayer's business across multiple therapeutic categories and geographies. The transaction is subject to approval from the relevant antitrust authorities, with closing expected in the second half of Bayer plans to finance the acquisition with a bridge facility provided by Bank of America, Merrill Lynch, BNP Paribas and Mizuho, which subsequently will be syndicated to a larger group of relationship banks. The capital market take-out is planned at a later date with a combination of senior and hybrid capital instruments. b) Under Element B.12 (Significant changes in the financial or trading position) on page 4 of the Prospectus the information shall be replaced by the following: B.12 Significant change in the financial or trading position Not applicable. There has been no significant change in the financial or trading position of the Bayer Group since March 31, c) Element B.17 on page 5 of the Prospectus shall be replaced by the following: B.17 Credit ratings of the [Issuer][Guarantor] or its debt securities Long-term rating Outlook Short-term rating Standard & Poor's A- stable A-2 Moody's A3 stable P-2 2. Changes relating to the Summary Section B Bayer Capital Corp Under Element B.12 (Significant changes in the financial or trading position) on page 6 of the Prospectus the information shall be replaced by the following: B.12 Significant change in the financial or trading position Not applicable. There has been no significant change in the financial or trading position of the Bayer Capital Corp since March 31, Changes relating to the Summary Section B Bayer Holding Ltd. Under Element B.12 (Significant changes in the financial or trading position) on page 8 of the Prospectus the information shall be replaced by the following: B.12 Significant change in the financial or trading position Not applicable. There has been no significant change in the financial or trading position of the Bayer Holding Ltd. since March 31,

4 4. Changes relating to the Summary Section B Bayer Nordic Under Element B.12 (Significant changes in the financial or trading position) on page 10 of the Prospectus the information shall be replaced by the following: B.12 Significant change in the financial or trading position Not applicable. There has been no significant change in the financial or trading position of the Bayer Nordic since March 31, Changes relating to the German Translation of the Summary Abschnitt B Bayer AG a) The following text shall be inserted on pages of the Prospectus after the last sentence of the Punkt B.13 Jüngste Entwicklungen: Am 6. Mai 2014 hat Bayer angekündigt, dass es beabsichtigt, das Consumer-Care-Geschäft des US- Pharmakonzerns Merck & Co., Inc., Whitehouse Station, NJ (USA), für 14,2 Milliarden US-Dollar (10,4 Milliarden Euro) zu übernehmen. Die Akquisition stärkt Bayers Geschäft mit rezeptfreien (Over-The-Counter OTC) Produkten. Das OTC-Geschäft von Bayer wird in mehreren Therapiegebieten und Regionen deutlich verstärkt. Die Transaktion ist noch von den zuständigen Kartellbehörden freizugeben und soll im zweiten Halbjahr 2014 abgeschlossen werden. Bayer will die Akquisition mit einem Brückenkredit zwischenfinanzieren, der von der Bank of America Merrill Lynch, BNP Paribas und Mizuho bereitgestellt wird. Die anschließende Aussyndizierung soll an eine größere Gruppe aus dem Kreis der Bayer-Kernbanken erfolgen. Bei der späteren Ausfinanzierung am Kapitalmarkt ist die Begebung von vor- und nachrangigen Anleihen geplant. b) Under Element B.12 (Signifikante Veränderungen in der Finanz- bzw. Handelsposition) on page 22 of the Prospectus the information shall be replaced by the following: B.12 Signifikante Veränderungen in der Finanz- bzw. Handelsposition Nicht anwendbar. Seit dem 31. März 2014 hat es keine signifikanten Änderungen der Finanz- bzw. Handelsposition der Bayer-Gruppe gegeben. c) Element B.17 on page 23 of the Prospectus shall be replaced by the following: B.17 Kreditratings des [Emittenten][Garanten] oder seiner Schuldtitel Langfristiges Rating Ausblick Kurzfristiges Rating Standard & Poor's A- stabil A-2 Moody's A3 stabil P-2-4 -

5 6. Changes relating to the German Translation of the Summary Abschnitt B Bayer Capital Corp Under Element B.12 (Signifikante Veränderungen in der Finanz- bzw. Handelsposition) on page 25 of the Prospectus the information shall be replaced by the following: B.12 Signifikante Veränderungen in der Finanz- bzw. Handelsposition Nicht anwendbar. Seit dem 31. März 2014 hat es keine signifikanten Änderungen der Finanz- bzw. Handelsposition der Bayer Capital Corp gegeben. 7. Changes relating to the German Translation of the Summary Abschnitt B Bayer Holding Ltd. Under Element B.12 (Signifikante Veränderungen in der Finanz- bzw. Handelsposition) on page 27 of the Prospectus the information shall be replaced by the following: B.12 Signifikante Veränderungen in der Finanz- bzw. Handelsposition Nicht anwendbar. Seit dem 31. März 2014 hat es keine signifikanten Änderungen der Finanz- bzw. Handelsposition der Bayer Holding Ltd. gegeben. 8. Changes relating to the German Translation of the Summary Abschnitt B Bayer Nordic Under Element B.12 (Signifikante Veränderungen in der Finanz- bzw. Handelsposition) on page 29 of the Prospectus the information shall be replaced by the following: B.12 Signifikante Veränderungen in der Finanz- bzw. Handelsposition Nicht anwendbar. Seit dem 31. März 2014 hat es keine signifikanten Änderungen der Finanz- bzw. Handelsposition der Bayer Nordic gegeben. 9. Changes relating to the section Bayer AG a) The following text shall be inserted on page 162 of the Prospectus after the last sentence of sub-section Acquisitions after the end of the reporting period: On May 6, 2014, Bayer has agreed to acquire the consumer care business of U.S. pharmaceutical company Merck & Co., Inc., Whitehouse Station, NJ, USA, for a purchase price of USD 14.2 billion (EUR 10.4 billion). The acquisition will give Bayer the global number two position in non-prescription (over-the-counter, OTC) products following recently announced consolidations in this highly attractive and growing healthcare industry segment, and will significantly enhance Bayer s business across multiple therapeutic categories and geographies. Merck & Co., Inc.'s consumer care business includes leading brands such as Claritin, Coppertone and Dr. Scholl s. Pro forma sales of the combined businesses in 2013 amounted to USD 7.4 billion (EUR 5.5 billion) with Merck & Co., Inc. s business contributing approximately USD 2.2 billion. The transaction is subject to approval from the relevant antitrust authorities, with closing expected in the second half of Bayer plans to finance the acquisition with a bridge facility provided by Bank of America, Merrill Lynch, BNP Paribas and Mizuho, which subsequently will be syndicated to a larger group of relationship banks. The capital market take-out is planned at a later date with a combination of senior and hybrid capital instruments

6 b) The paragraph under Financial Information concerning the Issuer's Assets and Liabilities, Financial Position and Profit and Losses on page 176 of the Prospectus shall be replaced by the following: The consolidated financial statements of the Bayer Group for the fiscal years ended December 31, 2013 and 2012 and for the three months ended on March 31, 2014 are incorporated by reference into this Prospectus. Selected financial information appears in section Selected Financial Information. c) The paragraph under Significant Change in the Issuers' financial or trading position on page 182 of the Prospectus shall be replaced by the following: There has been no significant change in the financial or trading position of the Bayer Group since the publication of the unaudited consolidated financial statements for the fiscal year ended March 31, d) The table under the section Rating on page 184 of the Prospectus is replaced by the following: The following ratings have been assigned to Bayer: Long-term rating Outlook Short-term rating Standard & Poor's A- stable A-2 Moody's A3 stable P Changes relating to the section Bayer Capital Corporation B.V. a) The paragraph under Financial Information concerning the Issuer's Assets and Liabilities, Financial Position and Profit and Losses - Financial Statements on page 187 of the Prospectus shall be replaced by the following: The financial statements of Bayer Capital Corp for the fiscal years ended December 31, 2012 and 2013 and for the three months ended on March 31, 2014 are incorporated by reference into this Prospectus. b) The paragraph under Significant Change in financial or trading position on page 187 of the Prospectus shall be replaced by the following: There has been no significant change in the financial or trading position of Bayer Capital Corp since March 31, Changes relating to the section Bayer Holding Ltd. a) The paragraph under Financial Information concerning the Issuer's Assets and Liabilities, Financial Position and Profit and Losses - Financial Statements on page 190 of the Prospectus shall be replaced by the following: The financial statements of Bayer Holding Ltd. for the fiscal years ended December 31, 2012 and 2013 and for the three months ended on March 31, 2014 are incorporated by reference into this Prospectus. b) The paragraph under Significant Change in financial or trading position on page 190 of the Prospectus shall be replaced by the following: There has been no significant change in the financial or trading position of Bayer Holding Ltd. since March 31,

7 12. Changes relating to the section Bayer Nordic SE a) The paragraph under Financial Information concerning the Issuer's Assets and Liabilities, Financial Position and Profit and Losses - Financial Statements on page 194 of the Prospectus shall be replaced by the following: The financial statements of Bayer Nordic for the fiscal years ended December 31, 2012 and 2013 and for the three months ended on March 31, 2014 are incorporated by reference into this Prospectus. b) The paragraph under Significant Change in financial or trading position on page 194 of the Prospectus shall be replaced by the following: There has been no significant change in the financial or trading position of Bayer Nordic since March 31, Changes relating to the section General Information The following text shall be inserted on page 220 of the Prospectus after paragraph 9 of GENERAL INFORMATION - Incorporation by Reference: 10. The unaudited consolidated interim financial statements of Bayer Group for the three months ended on March 31, 2014 consisting of Income Statements (page 37 of the Interim Report for the first three months of 2014), Statements of Comprehensive Income (page 38 of the Interim Report for the first three months of 2014), Statements of Financial Position (page 39 of the Interim Report for the first three months of 2014), Statements of Cash Flows (page 40 of the Interim Report for the first three months of 2014), Statements of Changes in Equity (page 41 of the Interim Report for the first three months of 2014), and Notes (pages of the Interim Report for the first three months of 2014). 11. The unaudited unconsolidated interim financial statements of Bayer Capital Corp for the three months ended on March 31, 2014 consisting of Balance Sheet (pages 2-3 of the Interim Report for the first three months of 2014), Profit and loss account (page 4 of the Interim Report for the first three months of 2014), Cash flow statement (pages 5-6 of the Interim Report for the first three months of 2014). 12. The unaudited unconsolidated interim financial statements of Bayer Holding Ltd. for the three months ended on March 31, 2014 consisting of Balance Sheet (page 2 of the Interim Report for the first three months of 2014), Profit and Loss Statement (page 1 of the Interim Report for the first three months of 2014), Statement of Cash Flows (page 3 of the Interim Report for the first three months of 2014). 13. The unaudited unconsolidated interim financial statements of Bayer Nordic for the three months ended on March 31, 2014 consisting of Balance sheet (pages 1-2 of the Interim Report for the first three months of 2014), Profit and loss statement (page 3 of the Interim Report for the first three months of 2014)

8 NAMES AND ADDRESSES Bayer Aktiengesellschaft Leverkusen Germany Telephone number: Bayer Holding Ltd , Marunouchi, Chiyaoda-ku, Tokyo Japan Telephone number: Bayer Capital Corporation B.V. Energieweg RT Mijdrecht The Netherlands Telephone number: and Bayer Nordic SE Keilaranta Espoo Finland Telephone number: FISCAL AGENT AND PAYING AGENT Deutsche Bank Aktiengesellschaft Taunusanlage Frankfurt am Main Germany - 8 -