BASF to delist from New York Stock Exchange
BASF management committed to an open dialogue with U.S. investors
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.
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