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● Repurchase of own shares from January 2022 to the end of 2023
● Cancellation of repurchased shares and corresponding reduction in share capital
The Executive Board of BASF Europe today decided on the share repurchase program based on the positive development and the divestiture project in 2021
.
The scheme, involving amounts up to EUR 3 billion, starts in January 2022 and ends on December 31, 2023 at the latest, subject to the buyback from BASF Europe's annual general meeting on April 29, 2022 There are authorization updates for shares
.
BASF Europe will cancel all repurchased shares and reduce the share capital accordingly
.
The share repurchase program is based on the authorizing resolution of the Annual General Meeting of Shareholders of BASF Europe on May 12, 2017, which authorized the Executive Board to purchase up to 10% of the issued shares (10% of the company's share capital) until May 11, 2022
.
BASF plans to propose to the 2022 Annual General Meeting of Shareholders an update to the mandate to buy back its own shares
.
Purchases shall be carried out on the electronic trading platform of the Frankfurt Stock Exchange (Xetra) and based on the safe harbor exemption for buyback schemes under Article 5 of the EU Market Abuse Regulation (MAR)
.
BASF remains committed to its progressive dividend policy
.
Share repurchase is an additional approach BASF uses to create value for shareholders
.
Through share repurchases, available capital will be returned to shareholders, the company's capital structure will be optimized, and earnings per share will increase
.
BASF will continue to prioritize organic growth in the use of capital, while acquisitions are currently less relevant
.
Based on the strength of the company's balance sheet and its ability to consistently deliver high free cash flow, BASF will continue to strive to maintain its stable A credit rating
.
BASF is currently rated a/a-1/stable outlook by Standard & Poor's and A3/P-2/stable outlook by Moody's
.
Fitch currently rates BASF at a/F1/stable outlook
.
From 1999 to 2008, BASF repurchased about 9.
9 billion euros of shares, reducing the total number of issued shares by 29%
.
