Limburgerhof, Germany
July 31, 2007
BASF
Aktiengesellschaft announced today (July 30, 2007) that its
Board of Executive Directors has decided to file for voluntary
delisting of its ADSs (American Depositary Shares) from the New
York Stock Exchange (NYSE) and deregistration and termination of
its reporting obligations under the Securities and Exchange Act
of 1934 (Exchange Act).
BASF expects the delisting to become effective on September 6,
2007, at which time the company’s ADRs (American Depositary
Receipts) will no longer be traded on the NYSE. BASF intends to
maintain its ADR program in order to enable investors to retain
their ADRs, as well as to facilitate trading in the U.S.
over-the-counter market. This means that investors do not need
to exchange their ADRs, unless they are restricted to
investments in registered securities.
BASF’s ordinary shares will continue to be traded on the stock
exchanges in Frankfurt, London and Zurich. The large majority of
BASF shareholders, including U.S. investors, buy the company’s
shares in the primary trading market in Frankfurt or on the
electronic trading platform Xetra.
“Our decision to delist from the New York Stock Exchange
underlines BASF’s continuous efforts to reduce complexity and
costs,” said Dr. Jürgen Hambrecht, Chairman of the Board of
Executive Directors of BASF Aktiengesellschaft. “BASF’s senior
management remains committed to maintaining an open dialogue
with U.S. investors.”
Despite the delisting, BASF will maintain the high level of
disclosure expected by the international financial markets. For
example, information reported in the Annual Report on Form 20-F
which is important to analysts and investors will be integrated
into BASF’s financial reporting according to IFRS.
BASF has provided written notice to the NYSE today of its intent
to delist and plans to file a Form 25 with the SEC on or about
August 27, 2007, to initiate the delisting. BASF expects that
the delisting will be effective ten days after such filing. BASF
intends to file a Form 15F with the SEC to deregister and
terminate its reporting obligations under the Exchange Act after
the delisting has become effective. BASF reserves the right to
delay or withdraw the filings for any reason prior to their
effectiveness.
BASF has not arranged for the listing of its ADSs or ordinary
shares on another national securities exchange or for the
quotation of its ADSs or ordinary shares on a quotation system
in the United States.
BASF is the world’s leading chemical company: The Chemical
Company. Its portfolio ranges from chemicals, plastics,
performance products, agricultural products and fine chemicals
to crude oil and natural gas. As a reliable partner to virtually
all industries, BASF’s high-value products and intelligent
system solutions help its customers to be more successful. BASF
develops new technologies and uses them to meet the challenges
of the future and open up additional market opportunities. It
combines economic success with environmental protection and
social responsibility, thus contributing to a better future.
BASF has approximately 95,000 employees and posted sales of
€52.6 billion in 2006. BASF shares are currently traded on the
stock exchanges in Frankfurt (BAS), London (BFA), New York (BF)
and Zurich (AN). Further information on BASF is available on the
Internet at www.basf.com. |
|
