afxnews.com: BASF declines comment on reports of complications over sale of Shell jv Basell: “BASF AG declined to comment on earlier media reports that it is experiencing difficulties regarding the sale of its 50:50 joint venture with Royal Dutch/Shell Group, Basell.” (ShellNews.net) Posted 22 Feb 05
LUDWIGSHAFEN, Germany (AFX) - BASF AG declined to comment on earlier media reports that it is experiencing difficulties regarding the sale of its 50:50 joint venture with Royal Dutch/Shell Group, Basell.
According to information obtained by the Financial Times Deutschland, one of the prospective buyers, the Iranian petrochemicals group NPC, might have to pay a special bonus on top of the purchase price because of US sanctions against Iran.
BASF is currently considering both a sale and a possible floatation of the joint venture, and will make a final decision on this in the first half of this year.
According to media reports, four different parties are interested in purchasing the producer of polypropylene and advanced polyolefins products.
The company has annual sales of some 6.7 bln eur.