Ludwigshafen, Germany-The board of BASF Aktiengesellschaft is proposing that it becomes a European Company (Societas Europaea, SE) with the name BASF SE. The company's headquarters and chief administrative offices will remain in Ludwigshafen, a 27 Feb statement from the group said.
"The European Company is a modern legal form for a global company whose home market is in Europe," said Dr Jürgen Hambrecht, chairman of BASF Aktiengesellschaft, in the statement.
The transformation into a European company is intended to further strengthen corporate governance at BASF. "BASF considers this legal form to be an affirmation of an entrepreneurial vision of Europe. BASF is strengthening the participation of European employees in the company and thus demonstrates its pioneering role in the European chemical industry," Hambrecht added.
Europe is BASF's home market, BASF said. In 2006, it made about 60 percent of its sales and employed two-thirds of its global workforce of more than 95 000 employees in the region.
BASF posted sales of €52 600 million ($69 600 million) in 2006 and calls itself "the world's leading chemical company." "