6-K UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
May 5, 2005
BASF AKTIENGESELLSCHAFT
(Exact name of Registrant as Specified in its Charter)
BASF CORPORATION
(Translation of Registrant's name into English)
Carl Bosch Strasse 38, LUDWIGSHAFEN, GERMANY 67056
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
Indicate by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the
Registrant in connection with Rule 12g3-2(b): 82- .
BASF and Shell to Sell Their Stakes in Basell
to Consortium Led by Access Industries
LUDWIGSHAFEN, Germany & LONDON--(BUSINESS WIRE)--May 5, 2005--BASF
and Shell Chemicals are to sell their 50-50 joint venture Basell, one
of the world's leading manufacturers of polyolefins, to a consortium
led by New York-based Access Industries together with The Chatterjee
Group. A corresponding agreement was signed. The sale price will total
EUR 4.4 billion, including debt.
The transaction is subject to approval by the relevant antitrust
authorities and closing is expected in the second half of 2005.
BASF and Shell announced plans to review options for the joint
venture in July 2004. The two companies established Basell as an
independent company in 2000 to successfully consolidate their
polyolefins businesses across the world. Basell achieved competitive
advantages such as cost leadership through world-scale plants, and has
developed into one of the world leaders in its industry.
"Basell's recent strong performance has shown that it was the
right decision to form the joint venture," said Dr. John Feldmann,
member of the Board of Executive Directors of BASF Aktiengesellschaft,
and Chairman of Basell's Supervisory Board. "The strategic divestment
will now create additional value for the BASF Group as part of the
company's ongoing portfolio management. In its Plastics segment, BASF
will continue to focus its strategic position on styrenics,
performance polymers, polyurethanes and their related value chains."
"Basell has successfully consolidated the portfolio of polyolefins
assets of the two shareholders to become a major player in the
industry," said Fran Keeth, Executive Vice President, Shell Chemicals.
"The divestment enables Shell to optimize shareholder value and focus
on our strategy of leveraging the synergies between oil products and
chemicals activities, to strengthen our core portfolio in Europe and
North America, and to grow in Asia and the Middle East."
"I'm very pleased that we are the successful bidder for Basell,"
said Len Blavatnik, Chairman of Access Industries. "We are experienced
in industrial investments in companies that compete in large, cyclical
markets, and we believe Basell is an attractively positioned global
business with an excellent future. I am very impressed by Basell's
track record, and by the company's highly professional and motivated
management and workforce."
Dr. Chatterjee, Chairman of The Chatterjee Group, likewise praised
Basell's "broad-based customer portfolio, premium market position and
leading capability in product and process innovation. We look forward
to consolidating Basell's global leadership position through enhanced
commitments in technology."
Basell
Basell is headquartered in Hoofddorp, the Netherlands. The company
has sales activities in more than 120 countries and operates
production sites in 21 countries worldwide. Basell employs a workforce
of 6,600 employees: about 5,200 in Europe and about 1,000 in North
America. In 2004, Basell posted sales of EUR 6.7 billion.
Basell is the world's largest producer of polypropylene and
advanced polyolefins, and is a leading supplier of polyethylene and
catalysts. The company is a global leader in the development and
licensing of polypropylene and polyethylene processes. These plastics
are used in a wide number of applications, for example in the
packaging and automotive industries and for consumer goods.
BASF
BASF is the world's leading chemical company: The Chemical
Company. Its portfolio ranges from chemicals, plastics, performance
products, agricultural products and fine chemicals to crude oil and
natural gas. As a reliable partner to virtually all industries, BASF's
intelligent solutions and high-value products help its customers to be
more successful. BASF develops new technologies and uses them to open
up additional market opportunities. It combines economic success with
environmental protection and social responsibility, thus contributing
to a better future. In 2004, BASF had approximately 82,000 employees
and posted sales of more than EUR 37 billion. BASF shares are traded
on the stock exchanges in Frankfurt (BAS), London (BFA), New York
(BF), Paris (BA) and Zurich (AN). Further information on BASF is
available on the Internet at www.basf.com.
Shell
Shell Chemicals collectively refers to the companies of the Royal
Dutch/Shell Group engaged in the chemicals business. Shell chemicals
companies manufacture and deliver petrochemical building blocks and
polyolefins to industrial customers. These products are widely used in
plastics, coatings and detergents. For further information please
visit www.shell.com/chemicals/news.
Access Industries
Access Industries, founded by company Chairman and President Len
Blavatnik in 1986, is a privately held, US-based industrial holding
company with investments worldwide. Access has long-term strategic
interests in the oil, aluminium, coal and telecommunications sectors.
The Chatterjee Group
The Chatterjee Group (TCG) is a privately held, US-based
investment organisation with a significant business presence in India.
Dr. Purnendu Chatterjee is the chairman of TCG, which has a
controlling interest in Haldia Petrochemicals Ltd, a major integrated
petrochemical company that utilises Basell technology.
CONTACT: BASF
Daniel Smith, +49 621 60-20829 or +49 173 875 1466
daniel.smith@basf-ag.de
Fax: +49 621 60-92693
or
Shell
Lisa Givert, +44 207 934 2914
Lisa.givert@shell.com
Fax: +44 207 934 5252
or
Basell
Michelle Talmo Harrell, +1 410 996 1366
michelle.harrell@basell.com
Mobile: + 1 302 438 6574
or
Access Industries (USA)
Peter L Thoren, +1 212 247 6400
pthoren@accind.com
or
Access Industries (UK)
John Stonborough, +44 7771 893 683
jsmediaco@aol.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BASF Aktiengesellschaft
Date: May 5, 2005 By: /s/ Elisabeth Schick
------------------------------------
Name: Elisabeth Schick
Title: Director Site Communications Ludwigshafen
and Europe
By: /s/ Christian Schubert
------------------------------------
Name: Christian Schubert
Title: Director Corporate Communications
BASF Group