BASF to delist from New York Stock Exchange
BASF Aktiengesellschaft announced 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.
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