BASF delists shares from NYSE to cut costs
30 July 2007 14:04 [Source: ICIS news]
LONDON (ICIS news)--BASF plans to delist its shares from the New York Stock Exchange (NYSE) to reduce costs, the German chemicals major said on Monday.
The delisting would become effective on 6 September although BASF planned to maintain its American Depositary Receipts (ADR) programme, enabling investors to retain their ADRs and to facilitate over-the-counter trading.
“Our decision to delist from the NYSE underlines BASF’s continuous efforts to reduce complexity and costs,” said BASF chairman Jurgen Hambrecht.
“BASF’s senior management remains committed to maintaining an open dialogue with US investors,” he added.
The large majority of BASF shareholders, including US investors, buy the group’s shares in its primary trading market in
BASF’s shares are also traded in
The move followed recent decisions by European chemical companies ICI and Ciba Specialty Chemicals to delist from the NYSE.
By: Mark Watts
+44 20 8652 3214
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