BASF: New Share Buyback Program
The Board of Executive Directors of BASF SE, Ludwigshafen, Germany, has decided to start a new share buyback program and plans to buy back shares for 3 billion EUR up to mid-2010. the aim of buying back shares is to optimize BASF´s capital structure and to increase earnings per share. The shares will be canceled, thus reducing the share capital of BASF SE accordingly.
The company completed its 3 billion EUR share buyback program for 2007 and 2008 ahead of schedule. This program was announced in February 2007. From the beginning of 2007 until June 17, 2008 the company bought back approximately 33.7 million shares at an average price of 88.91 EUR. This corresponds to 7.1% of BASF SE’s current share capital.
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