BASF plans transformation into a European Company (SE)
(ad hoc announcement)
* Hambrecht: “Affirmation of an entrepreneurial vision of Europe”
The Board of Executive Directors and Supervisory Board of BASF Aktiengesellschaft have resolved to propose to the Annual Meeting on April 26, 2007 the transformation of BASF Aktiengesellschaft into a European Company (Societas Europaea, SE) with the name BASF SE. The company’s headquarters and chief administrative offices will remain in Ludwigshafen, Germany.
“The European Company is a modern legal form for a global company whose home market is in Europe,” said Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF Aktiengesellschaft. The transformation into a European Company is intended to further strengthen corporate governance at BASF. “BASF considers this legal form to be an affirmation of an entrepreneurial vision of Europe. BASF is strengthening the participation of European employees in the company and thus demonstrates its pioneering role in the European chemical industry.”
BASF’s shareholders will be provided with more detailed information on transformation of the company’s legal form in the invitation to the Annual Meeting, which will be sent out as of March 16, 2007.
Europe is BASF’s home market: In 2006, it posted approximately 60 percent of its sales and employed around two-thirds of its global workforce of more than 95,000 employees in the region.
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