The chemistry world leader announced, at the end of February, that it was going to launch the procedure to transform BASF AG into BASF EC. On March 16, shareholders will be informed and invited to vote in favour of the transformation - during the general Assembly which will take place on April 26. As for the employees' representatives, they are actively preparing for the negotiation of a new European representation. (Ref. 070216)
As far as Jürgen Hambrecht, BASF’ CEO, is concerned, the transformation of BASF AG into EC is simply common sense. The company realizes 60% of its sales in Europe. It employs 56,614 there (out of a total of 90,945,) 45,360 in Germany and 2,450 in France. Finally, it is present in about thirty European countries (24 of which with a headquarter.) “The European Company is a juridical option totally adapted to a company acting on an international level with a “domestic market” set in Europe. This
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