FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of June, 2000
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 of 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-________)
Enclosure
<PAGE>
June 30, 2000
P 344e
Diana Weitenkopf
Tel.: ++49 621 60-20732
Fax: ++49 621 60-92693
Mail:[email protected]
BASF to be the largest foreign chemical investor in China:
BASF and Sinopec Verbund site in Nanjing approved by Chinese Government
BASF Aktiengesellschaft and China Petroleum & Chemical Corporation (SINOPEC)
have received approval from the Chinese government to jointly construct a
Verbund site to manufacture chemicals in Nanjing. The feasibility study report
of the project was submitted to the Chinese authorities in May. The Verbund site
in Nanjing requires an investment of approximately US$2.6 billion. It will be
the first joint venture comprising a world scale steamcracker approved by the
Chinese Government.
Dr. Juergen F. Strube, Chairman of the Board of Executive Directors of BASF
Aktiengesellschaft, Germany, and Mr. Li Yizhong, Chairman of the Board of
Executive Directors of SINOPEC, China, will sign the joint venture contract
today, June 30, 2000, in Berlin. Chinese Premier Zhu Rongji and German
Chancellor Gerhard Schroder will also attend the ceremony.
BASF and SINOPEC are planning to start the preparations for the construction of
the project within this year. The plants are to be expected start-up in
2004/2005.
BASF is a return-focused global company generating long-term growth and
profitability from its activities in chemicals, health and nutrition, and oil
and gas. The company's product range includes high-value chemicals, plastics,
dyestuffs, dispersions, automobile and industrial coatings, crop protection
products, pharmaceuticals, fine chemicals, crude oil and natural gas. BASF's
approach to integration, known in German as "Verbund," is one of the company's
particular strengths and provides a unique competitive advantage. With sales in
1999 of EURO 29.5 billion (about
<PAGE>
Page 2 P344e
$29.5 billion) and a workforce of 105,000 employees, BASF is one of the world's
top chemical companies. BASF's Internet address is www.basf.com.
<PAGE>
June 30, 2000
P 353-e
Bernd Gerling
Communications
Agriculture
Phone: (+49) 621- 60 27212
Fax: (+49) 621- 60 27512
[email protected]
Green light from the EU Commission
American Cyanamid acquisition by BASF
closed within three months
o New position in the top three global players
o R&D pipeline with 15 actives
o Savings: U.S. $250 million per year
July 1, 2000, will be the closing for BASF AG of Ludwigshafen, Germany, taking
over the Cyanamid agricultural products business of American Home Products
Corporation (AHP), a company headquartered in Madison, New Jersey. This
purchase, the largest acquisition in the corporation's history, doubles BASF's
crop protection products business and moves it up into the ranks of the world's
top three leading manufacturers of crop protection products. BASF's crop
protection sales amounted to U.S. $1.9 billion in 1999. This closure follows
approval of the EU Commission. Earlier in June, the waiting period under the
Hart-Scott-Rodino pre-merger notification statute expired without any action by
the U.S. antitrust agencies.
"With this step, we have consistently expanded our traditional strengths in crop
protection, both regionally and from a portfolio viewpoint," says Eggert
Voscherau, member of the Board of Executive Directors and responsible for the
Health & Nutrition segment, which includes BASF's Crop Protection business.
<PAGE>
Page 2 P 353
Since signing the agreement at the end of March, BASF has moved ahead quickly in
planning of the integration, to be ready for the important fall launches in the
Northern Hemisphere. "I am very proud that we have managed to implement our
ambitious plan within such a short time span, and this fills me with confidence
as we tackle the upcoming integration process," states Friedrich Vogel,
president of the Crop Protection Division.
In the past few weeks, BASF has defined more than 100 key positions within the
new crop-protection business. This puts into place a solid foundation for the
further expansion of the global business. Once the purchase has been completed
in most countries of the world, BASF will be in a position to work out the
details of the strengthened crop protection business. In some countries, the
merger will take place in a matter of weeks, in accordance with the local
regulatory requirements.
"Our teams will continue to work as thoroughly and quickly as they have been
doing so far," says Friedrich Vogel, "so that the new, expanded and very
powerful organization will already be up and running in October. Our new team
will then, with the same commitment, be able to offer our customers an even more
attractive product portfolio."
The future global headquarters of the Crop Protection Division will be Mount
Olive, New Jersey. Friedrich Vogel goes on to say, "That way, we will be in a
better position to place more emphasis on these strategically important
agricultural regions of North and South America."
By integrating the global Cyanamid agricultural products business, BASF is
building a crop protection business that will be successful, based on the
following decisive factors:
o BASF is taking a leading position in important agricultural markets. Its
global presence will be considerably expanded, especially in the significant
agricultural markets of North and South America. The well-established
position in Europe will be further strengthened.
<PAGE>
Page 3 P 353
o BASF offers a broad and innovative product portfolio for all major crops and
will now also have access to a proven line of insecticides in the future.
o BASF also will have a leading position in herbicides for forest management,
native plant species restoration and rights-of-way, in addition to
insecticides for urban pest control and public health programs. The company
also adds to its portfolio of turf and ornamental products in the U.S., Japan
and other countries.
o BASF will develop the combined research pipeline of 15 active ingredients, to
be introduced between now and 2006 with a peak sales potential of U.S. $2
billion.
On the basis of the figures for 1999, this joint undertaking would have achieved
combined pro-forma sales amounting to U.S. $3.6 billion and income from
operations of about U.S. $450 million before nonrecurring items. The acquisition
is projected to yield synergies of about U.S. $250 million per year, half of
which will be achieved as early as 2001. The augmented product portfolio is
expected to provide for additional growth opportunites in several markets.
BASF is a return-focused global company which strives for value-added growth,
especially in the sectors of chemistry, health and nutrition as well as oil and
gas. The company's product line encompasses high-value-added chemicals,
plastics, colorants, dispersions, automotive and industrial coatings, crop
protection agents, pharmaceuticals, fine chemicals, oil and gas. The
sophisticated integrated-network strategy - the Verbund - is one of BASF's
special strengths and it gives the company a decisive competitive edge. With
sales of U.S. $29.5 billion in 1999 and 105,000 employees, BASF is one of the
world's leading chemical companies. BASF can also be found on the Internet at
www.basf.de.
<PAGE>
Page 4 P 353
This press release contains certain forward-looking statements and information
relating to BASF Group based on current expectations,estimates and projections
of its management and information currently available to the company. These
statements reflect the current views of BASF with respect to future events, are
not guarantees of future performance and involve certain risks and uncertainties
that are difficult to predict. In addition, certain forward-looking statements
are based upon assumptions as to future events that may not prove to be
accurate. We do not assume any obligation to update the forward-looking
statements contained in this news release.
<PAGE>
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 5, 2000 By: /s/ Dr. Felix Gress
Name: Dr. Felix Gress
Title: Director Corporate
Communications
By: /s/ Kurt Leidner
Name: Kurt Leidner
Title: Director Communications -
Ludwigshafen Site
