Report of a Foreign Private Issuer — Form 6-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 6-K Basf Corporation 3 10K
2: EX-99.1 Press Release 1 9K
3: EX-99.2 Press Release 5 19K
4: EX-99.3 Press Release 1 8K
5: EX-99.4 Press Release 6 12K
6: EX-99.5 Press Release 2 10K
7: EX-99.6 Press Release 2 11K
8: EX-99.7 Press Release 3 10K
9: EX-99.8 Press Release 3 12K
10: EX-99.9 Press Release 2 11K
EX-99.2 — Press Release
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Exhibit 99.2
December 15, 2000
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Michael Grabicki
Tel. +49 (621)60-99938
Fax +49 (621)60-20129
Mail:michael.grabicki@basf-ag.de
PHARMA BUSINESS SOLD FOR $6.9 BILLION:
"BASF TO FOCUS MORE STRONGLY ON INNOVATIVE CHEMISTRY,
A HIGHLY EFFICIENT VERBUND AND A GLOBAL PRESENCE"
- INCREASING BASF'S FINANCIAL FLEXIBILITY
- ACCELERATING THE ONGOING SHARE BUY-BACK PROGRAM AND REDUCING FINANCIAL
INDEBTEDNESS
- MORE THAN 50 PERCENT OF FUTURE SALES TO COME FROM CYCLICALLY RESILIENT
OPERATIONS
BASF (NYSE: BF) is focusing on the strengths of its portfolio in order to
broaden its base for further profitable growth. That is why the world's biggest
chemical company is selling its pharmaceuticals operations for $6.9 billion to
Abbott Laboratories headquartered in Abbott Park, Illinois, USA. An agreement to
this effect was signed on December 14, 2000. The board of executive Directors
and the supervisory board of BASF and the Board of Directors of Abbott
Laboratories have approved the arrangement. The agreement covers all German and
international operations of BASF Pharma and is subject to approval by regulatory
agencies and customary closing conditions. The transaction is expected to be
completed in the first quarter of 2001.
Dr. Juergen F. Strube, Chairman of the Board of Executive Directors of BASF
Aktiengesellschaft: "We are shaping our future through innovative chemistry, our
highly efficient Verbund system and our global presence. This is being
supplemented by a growing position in agricultural products and oil and gas."
After the sale of its pharma business, BASF will generate more than half of its
sales in cyclically resilient operations. BASF achieves more than two-thirds of
its sales in business units that
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are one of the top three competitors in their particular market. BASF wants to
further increase the proportion of its top-three positions.
With the sale of its pharmaceuticals business, BASF is extending its scope for
further growth. "Our main objective is profitable growth", said Strube. "The
proceeds from the sale will give us the ability to strengthen our core
businesses through investments and focused acquisitions. Additional major goals
are the ongoing and future share buy-back programs and the reduction of
financial indebtedness."
BASF Pharma employs approximately 10,700 people worldwide and is expected to
achieve sales of about 2.6 billion Euros in 2000. The unit operates in the
fields of metabolic diseases (e.g. thyroid disease, obesity), cardiovascular
diseases, immunology and pain therapy. Its important products include
Synthroid(R) for the treatment of thyroid insufficiency, Isoptin(R) for coronary
heart disorders, Rytmonorm(R)/Rythmol(R) for arrhythmia and
Reductil(R)/Meridia(R) for the management of obesity. BASF Pharma has an
excellent research and development pipeline. Pharmaceuticals that are in the
process of being launched or are in advanced phases of clinical development have
a significant sales potential.
EXCELLENT STRATEGIC FIT
"Our acquisition of BASF's pharmaceutical business, known as Knoll, is an
excellent strategic fit that demonstrates Abbott's commitment to our global
pharmaceuticals business and offers significant synergies," said Miles D. White,
chairman and chief executive officer of Abbott Laboratories. "Knoll enhances
Abbott's position as a global pharmaceuticals company through increased sales,
greater pharmaceutical research and development capacity, and a solid commercial
business, in particular across Europe and in Japan. Additionally, the
acquisition will bring leading monoclonal antibody technology, and a strong
research presence in immunology with a high-potential product, D2E7, for the
treatment of rheumatoid arthritis."
Abbott Laboratories is committed to the Knoll site in Ludwigshafen as part of
the company's long-term global pharmaceuticals business strategy.
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PROMISING PRODUCTS, IDEAL TIMING
For BASF Board member Eggert Voscherau, the agreement with Abbott Laboratories
is a logical development. "In recent years, we have thoroughly investigated all
conceivable options for the future of our pharmaceuticals business and are now
convinced that this business has greater chances of success with a large,
globally operating pharmaceuticals manufacturer."
The timing of the sale of the pharmaceuticals operations was almost ideal,
explained Voscherau: "Important products are achieving successes in the market,
and the strong pipeline is full of promising others. In any case, we would have
needed a strong partner to successfully market the potential blockbuster D2E7
for the treatment of rheumatoid arthritis, which is approaching the final
clinical phase."
During recent months, BASF has expanded its Crop Protection and Fine Chemicals
operations with great speed. This expansion has included the acquisitions of the
crop protection business of American Home Products and Takeda's vitamins
business.
BASF is a return-focused global company generating long-term growth and
profitability from its activities in chemicals, animal and human nutrition, as
well as oil and gas. The company's product range includes high-value chemicals,
plastics, dyestuffs and pigments, dispersions, automobile and industrial
coatings, crop protection products, 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 $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
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Abbott Laboratories is a global, diversified health care company devoted to the
discovery, development, manufacture and marketing of pharmaceutical, diagnostic,
nutritional and hospital products. The company employs 58,000 people and markets
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its products in more than 130 countries. In 1999, the company's sales and net
earnings were $13.2 billion and $2.4 billion, with diluted earnings per share of
$1.57.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements under the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations, estimates and projections of BASF management and currently
available information. They are not guarantees of future performance, involve
certain risks and uncertainties that are difficult to predict and are based upon
assumptions as to future events that may not prove to be accurate. Many factors
could cause the actual results, performance or achievements of BASF to be
materially different from those that may be expressed or implied by such
statements. Such factors include those discussed in BASF's Form 20-F filed with
the Securities and Exchange Commission. We do not assume any obligation to
update the forward-looking statements contained in this release.
THE CONTACTS FOR MEDIA QUESTIONS AT BASF PHARMA/KNOLL ARE:
[Download Table]
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Gunter Storz (Europe, Asia, Friederike Kanne (Europe, Linda Mayer (USA)
Africa) Asia, Africa)
Phone: +49-621-589-1536 Phone: +49-621-589-1428 Phone: +1-973-426-57 59
Fax: + 49621-589-1562 Fax: +49 -621-589-1562 Fax: +1-973-426-54 29
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THE CONTACTS FOR MEDIA QUESTIONS AT ABBOTT LABORATORIES ARE:
[Download Table]
--------------------------------------------------------------------------------
Christy Beckmann, USA Laureen Cassidy, outside U.S:
Phone: +1-847-938-9725 Phone: +44-781 842 7948
Fax: +1-847-937-9555
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IMPORTANT INFORMATION FOR EDITORS:
On Friday, December 15, 2000, you will have the opportunity starting at 10:00
a.m. (CET) to attend a media conference call. You will have the opportunity to
listen to and talk with Dr. Juergen F. Strube, Chairman of the Board of
Executive Directors of BASF Aktiengesellschaft; Eggert Voscherau, a member of
the Board of Executive Directors of BASF Aktiengesellschaft; and Dr. Eckhard
Mueller, head of the company's Finance Division. Holger Liepmann, divisional
vice president Europe Operations at Abbott Laboratories, will also take part in
the call to answer questions.
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Dial into the telephone conference (German, English) as follows:
into the GERMAN CONFERENCE
00 44 20 82 40 82 43 (from Germany)
0 20 82 40 82 43 (from Great Britain)
+44 20 82 40 82 43 (from Europe, except Great Britain and Germany)
into the ENGLISH CONFERENCE
00 44 20 82 40 82 44 (from Germany)
0 20 82 40 82 44 (from Great Britain)
+44 20 82 40 82 44 (from Europe, except Great Britain and Germany)
from USA and Asia into the ENGLISH CONFERENCE
+1 3 03 2 24 69 97
The password is "BASF."
From 10:30 a.m. CET, a recording of the telephone conference is available under
http://www.basf.de/pk (German)
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http://www.basf.de/pcon (English)
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Dates Referenced Herein
| Referenced-On Page |
|---|
| This ‘6-K’ Filing | | Date | | First | | Last | | | Other Filings |
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| |  |
| Filed on / For Period End: | | 12/19/00 | | | | | | | None on these Dates |
| | 12/15/00 | | 1 | | 4 |
| | 12/14/00 | | 1 |
| List all Filings |
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