The capital stock of Bayer AG, amounting to Euro 2,116,986,388.48, is divided into 826,947,808 no-par registered shares. Bayer has a 100 percent free float as defined by Deutsche Börse, the operator of the Frankfurt Stock Exchange. Under our Articles of Association, each of our ordinary shares represents one vote.
End of 2017, some 343,000 stockholders worldwide were listed in our share register - a decrease of about 4 percent compared with the previous year. The majority of these stockholders were private investors, most of them based in Germany. Private investors held approximately 12 percent of the capital stock on that date, with Bayer employees holding approximately 1 percent.
An analysis of our ownership structure carried out in the fourth quarter of 2017 covered approx. 96% of issued shares (795,921,347 shares), including those held by 777 institutional investors. The following regional distribution is based on the results of this survey.
Stock ownership by region
Our ownership structure shows the international distribution of our capital stock. The highest proportion of our outstanding shares, almost 31 percent, is held by investors in the United States and Canada, followed by Germany with approx. 22 percent. From a regional perspective, Bayer has a stable ownership structure that has altered only slightly in recent years.
Ownership Structure by Country
Stockholders with > 3 percent of the voting rights
Under the German Securities Trading Act (Wertpapierhandelsgesetz), holders of voting securities of a listed German company must notify that company of the level of their holding whenever it reaches, exceeds or falls below specified thresholds. These thresholds are 3, 5, 10, 15, 20, 25, 30, 50 and 75 percent of the company’s outstanding voting securities.