BASF
Delisting from NYSE / Complexity and costs reduced / Dialogue with US investors remains
BASF (Ludwigshafen / Germany; www.basf.com) has filed for voluntary delisting of its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE) and so deregister and terminate its reporting obligations under the Securities and Exchange Act of 1934.
BASF said that it expects the delisting to become effective on 6 September 2007, at which time the company’s American Depositary Receipts (ADRs) will no longer be traded on the NYSE. BASF intends to maintain its ADR program to enable investors to retain their ADRs, as well as to facilitate trading in the US over-the-counter market. The company said that investors do not need to exchange their ADRs, unless they are restricted to investments in registered securities.
“Our decision to delist from the New York Stock Exchange underlines BASF’s continuous efforts to reduce complexity and costs,” said managing board chairman Jürgen Hambrecht, “BASF’s senior management remains committed to maintaining an open dialogue with US investors.”
BASF’s ordinary shares will continue to be traded on the stock exchanges in Frankfurt, London and Zurich. The majority of BASF shareholders, including US investors, buy the company’s shares in the primary trading market in Frankfurt or on the electronic trading platform Xetra.
BASF said that it expects the delisting to become effective on 6 September 2007, at which time the company’s American Depositary Receipts (ADRs) will no longer be traded on the NYSE. BASF intends to maintain its ADR program to enable investors to retain their ADRs, as well as to facilitate trading in the US over-the-counter market. The company said that investors do not need to exchange their ADRs, unless they are restricted to investments in registered securities.
“Our decision to delist from the New York Stock Exchange underlines BASF’s continuous efforts to reduce complexity and costs,” said managing board chairman Jürgen Hambrecht, “BASF’s senior management remains committed to maintaining an open dialogue with US investors.”
BASF’s ordinary shares will continue to be traded on the stock exchanges in Frankfurt, London and Zurich. The majority of BASF shareholders, including US investors, buy the company’s shares in the primary trading market in Frankfurt or on the electronic trading platform Xetra.
01.08.2007 Plasteurope.com [208681]
Published on 01.08.2007