ots Ad hoc-Service: BASF AG Pharma business sold for $6.9 billion

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    Ludwigshafen (ots Ad hoc-Service) -    

    Pharma business sold for $6.9 billion:

    "BASF to focus more strongly on innovative chemistry, a highly efficient Verbund and a global presence"

    - Increasing BASF's financial flexibility - Accelerating the ongoing share buy-back program and reducing financial indebtedness

    BASF (NYSE: BF) is focusing on the strengths of its portfolio in order to broaden its base for further profitable growth. That is why the world's biggest chemical company is selling its pharmaceuticals operations for $6.9 billion to Abbott Laboratories headquartered in Abbott Park, Illinois, USA. An agreement to this effect was signed on December 14, 2000. The board of executive directors and the supervisory board of BASF and the Board of Directors of Abbott Laboratories have approved the arrangement The agreement covers all German and international operations of BASF Pharma and is subject to approval by regulatory agencies and customary closing conditions. The transaction is expected to be completed in the first quarter of 2001.

    Dr. Jürgen F. Strub

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