Volume 85 Issue 32 | p. 20 | Concentrates
Issue Date: August 6, 2007

BASF Joins Firms Leaving New York Stock Exchange

Department: Business | Collection: Economy

BASF has joined a growing list of foreign companies that have decided to voluntarily file for delisting of their American Depositary Shares (ADS) from the New York Stock Exchange. BASF says it expects the delisting to become effective on Sept. 6. ADS are issued under a deposit agreement representing the underlying share of stock that trades in the issuer's home market. Other European chemical companies that have chosen to delist their ADS include ICI, Akzo Nobel, and Ciba Specialty Chemicals. All seem to be taking the step to save money. "Our decision to delist from the New York Stock Exchange underlines BASF's continuous efforts to reduce complexity and costs," BASF Chairman Jürgen Hambrecht says. According to the company, the move will save about $6.8 million per year. Despite the delisting, BASF says it will maintain "the high level of disclosure expected by the international financial markets."

 
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