Corrected: BASF shares trade higher on takeover talk

24 August 2009 13:16  [Source: ICIS news]

Correction: In the ICIS news story headlined "BASF shares trade higher on takeover talk" dated 24 August 2009, please read in the fifth paragraph ...€70bn... instead of ...€70m.... A corrected story follows. 

BASF CEO Jurgen HambrechtLONDON (ICISnews)--Shares in BASF were up on Monday amid speculation that the German chemicals major could become a takeover target.

BASF's share price at 13.08 local time (11.08GMT), was trading up 1.24% at €36.65 ($52.67) on the Xetra Dax.

The share rally came after German magazine WirtschaftsWoche reported that BASF had prepared a defence plan in case of an attempted hostile takeover.

Chief Executive Jurgen Hambrecht was reported to have said that a hostile takeover was a possibility because of BASF’s low stock market valuation.

He added that any takeover bid would be difficult as the buyer would have to pay around €70bn – approximately double the stockmarket value.

BASF was one of the strongest chemical company performers  on Monday morning, trading above the industry average. The Dow Jones Eurostoxx Chem index was up by 0.85% in early afternoon trading. 

($1 = €0.70)

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