BASF, at today’s virtual annual shareholders’ meeting, said it is alert to a possible risk of an unsolicited takeover approach or an attack from activist investors and was ready to react.
Speaking at the meeting, CEO Martin Brudermüller said he could not rule out unwanted attempts to take control of the company, given the decline in its market value.
Brudermüller was responding to a question posed by Ulrich Hocker, president of DSW, a German association for private investors, who wanted to know whether BASF has a defense strategy against hostile takeovers, especially from China, and how BASF assesses the current market situation.
“The risk that BASF, given its current market capitalization, could become the target of a takeover or of activist investors cannot be ruled out. Consequently, we monitor market developments and prepare ourselves for such situations. A successful, transparent corporate strategy that highlights future potential and the associated correct reflection of our value on the capital markets are the most effective instruments against unwanted external influence. In addition, we ensure that we achieve the best performance in the respective market environment and implement the strategic measures to improve performance consistently and quickly. At the same time, we are in continuous dialogue with all interest groups in order to take their demands and expectations into account and explain our strategy,” Brudermüller says.
BASF’s market value has lost more than 20% this year to €49 billion ($55 billion) as the COVID-19 pandemic reduced global demand for its products.
By: Natasha Alperowicz
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
