BASF plans to repurchase shares for €3 billion until mid-2010 /€3 billion share buyback program for 2007 and 2008 completed ahead of schedule
(PresseBox) (Ludwigshafen, )The Board of Executive Directors of BASF SE has decided to start a new share buyback program and plans to buy back shares for €3 billion up to mid-2010. The share repurchase can start immediately based on the authorization by the Annual Meeting held on April 24, 2008.
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.
BASF completed its €3 billion 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 BASF bought back shares for €3 billion. A total of approximately 33.7 million shares were repurchased at an average price of €88.91. This corresponds to 7.1 percent of BASF SE's current share capital. The repurchased shares have already been canceled or will be canceled in 2008.