BASF Shares Offered on N.Y. Exchange; Move Seen as Acquisitions Prelude
LUDWIGSHAFEN, Germany – Shares of BASF AG began trading on the New York Stock Exchange in a signal that Europe's biggest chemical producer is in the hunt for U.S. acquisitions, industry observers said. With trading in New York, BASF and other European companies can attract more U.S. investors and could use U.S. shares as currency for acquisitions.
BASF recently completed a $656.5 million purchase of a chemical business from Amcol International Corp. of Arlington Heights, IL, and the company also recently acquired the former Morton International Inc. industrial coatings business from Rohm and Haas Co.