BASF top execs bought shares after profit warning

20 November 2008 19:45  [Source: ICIS news]

TORONTO (ICIS news)--BASF CEO Jurgen Hambrecht, his family and two top executives bought shares in the company following a sharp price decline in the wake of a profit warning, according to regulatory filings on Thursday.

 

The shares plunged on Wednesday and ended down 13.6% at €21.95 after BASF announced plans to temporarily idle 80 plants and reduce production at 100 facilities, affecting 20,000 employees worldwide.

 

It also warned that 2008 operating profit would be below the €7.3bn ($9.2bn) achieved in 2007.

 

According to the filings, Hambrecht and family members on Wednesday bought stock worth a combined €139,200, at prices ranging from €22.06 to €22.14/share

 

BASF executive board members Stefan Marcinowski and Andreas Kreimeyer bought shares worth €133,200 and €49,983, at prices of €22.20 and €21.99 respectively.

 

BASF’s shares closed up 2.3% at €22.46 on Thursday in Frankfurt.

 

The stock’s 52-week high and low are €52.81 and €17.85.

 

($1 = €0.79)

 

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By: Stefan Baumgarten
+1 713 525 2653

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