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
July 29, 2004
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 Review Strategic Options Regarding Basell
LUDWIGSHAFEN, Germany & LONDON--(BUSINESS WIRE)--July 29, 2004--BASF
(NYSE:BF) (FWB:BAS) (LSE:BFA) and Shell announced today that they are reviewing
strategic alternatives regarding their joint venture Basell, a global leader in
polyolefins, in which they both hold a 50 percent equity interest. The options
being reviewed by the shareholders include the sale of their stakes and an
equity market transaction. During the review process, the shareholders remain
committed to supporting Basell's strategic and operational goals and its ongoing
financial progress. Credit Suisse First Boston (CSFB) and Lazard have been
retained to assist in assessing the feasibility and attractiveness of these
options.
"Merging our polyolefins activities with those of Shell in Basell was a
beneficial strategic decision. As an independent company, Basell has integrated
and consolidated its businesses in all parts of the world with great success and
is now established as a global industry leader. This is the right time to assess
the next step," said Dr. John Feldmann, member of the Board of Executive
Directors of BASF AG, responsible for the Plastics segment. "BASF, one of the
leading global plastics suppliers, will continue to focus its strategic position
on styrenics, performance polymers, polyurethanes and their related value
chains. The review of options regarding Basell fits well into that strategy."
"Basell has been an important part of the Shell Chemicals portfolio and we
have valued our partnership with BASF in this joint venture," said Fran Keeth,
Executive Vice President, Customer Fulfillment and Product Business Units, Shell
Chemicals. "In a relatively short period of time, Basell has successfully
integrated a valuable set of global assets and achieved economies of scale and
other benefits not available to either shareholder separately. Now that Basell
has become a global industry leader and is positioned well to compete in a
dynamic market environment, it is an appropriate time for us to look at Basell
within the context of Shell's long-term portfolio aspirations and to review
strategic alternatives to deliver enhanced shareholder value."
BASF
BASF is the world's leading chemical company. Our goal is to grow
profitably and further increase the value of our company. We help our customers
to be more successful through intelligent system solutions and high-quality
products. BASF's portfolio ranges from chemicals, plastics, performance
products, agricultural products and fine chemicals to crude oil and natural gas.
Through new technologies we can tap into additional market opportunities. We
conduct our business in accordance with the principles of sustainable
development. In 2003, BASF had sales of more than EUR 33 billion (circa $42
billion) and over 87,000 employees worldwide. 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
CONTACT: BASF
Karin Moeschke, +49 621 60 20732
Fax: +49 621 60 92693
karin.moeschke@basf-ag.de
or
Shell
Bianca Ruakere, +44 20 7934 4323
Fax: +44 20 7934 5252
bianca.ruakere@shell.com
or
CSFB
Norbert Reis, +44 20 7888 4598
Fax: +44 20 7943 2598
norbert.reis@csfb.com
or
Lazard
Alasdair Nisbet, +44 20 7187 2070
Fax: +44 20 7072 6070
alasdair.nisbet@lazard.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: July 29, 2004 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