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BASF SE

BASF and Engelhard Reach Agreement

Ludwigshafen, Germany (ots/PRNewswire)

- Engelhard Recommends That Engelhard's Shareholders Accept BASF's Offer
    - BASF CEO Hambrecht: "Crucial step towards acquisition of Engelhard."
BASF Aktiengesellschaft (Frankfurt: BAS, NYSE: BF [ADR], LSE: BFA,
SWX: AN) announced today that it signed a definitive agreement with
Engelhard Corporation (NYSE: EC). According to the agreement,
Engelhard will recommend that Engelhard shareholders tender their
shares to BASF in exchange for US$39 per share in cash and will
withdraw its US$45 per share self-tender offer for approximately 20%
of the company's shares.
"We are very pleased that BASF and Engelhard were able to reach
agreement on a negotiated transaction. This is a crucial step towards
our goal of acquiring Engelhard," said Dr. Jurgen Hambrecht, Chairman
of the Board of Executive Directors of BASF Aktiengesellschaft. "We
are confident that Engelhard's shareholders will tender their shares
into our offer, following the recommendation of Engelhard."
BASF's US$39 per share all-cash offer for all of the issued and
outstanding shares of common stock of Engelhard Corporation is
scheduled to expire at midnight, New York City time, on Monday, June
5, 2006.
BASF is the world's leading chemical company: The Chemical
Company. Its portfolio ranges from chemicals, plastics, performance
products, agricultural products and fine chemicals to crude oil and
natural gas. As a reliable partner to virtually all industries,
BASF's intelligent system solutions and high-value products help its
customers to be more successful. BASF develops new technologies and
uses them to open up additional market opportunities. It combines
economic success with environmental protection and social
responsibility, thus contributing to a better future. In 2005, BASF
had approximately 81,000 employees and posted sales of more than
Euro42.7 billion. BASF shares are traded on the stock exchanges in
Frankfurt (BAS), London (BFA), New York (BF) and Zurich (AN). Further
information on BASF is available on the Internet at www.basf.com.
This press release is provided for informational purposes only and
is neither an offer to purchase nor a solicitation of an offer to
sell any securities of Engelhard Corporation. Any offers to purchase
or solicitation of offers to sell will be made only pursuant to the
tender offer statement (including the offer to purchase, the letter
of transmittal and other offer documents) which was initially filed
with the SEC on January 9, 2006. Engelhard stockholders are advised
to read these documents and any other documents relating to the
tender offer that are filed with the SEC carefully and in their
entirety because they contain important information. Engelhard
stockholders may obtain copies of these documents for free at the
SEC's website at www.sec.gov or by calling Innisfree M&A
Incorporated, the Information Agent for the offer, at +1-877-750-5837
(Toll Free from the U.S. and Canada) or +1-800-7710-9971 (Toll Free
from Europe).
This press release contains forward-looking statements. All
statements contained in this press release that are not clearly
historical in nature or that necessarily depend on future events are
forward-looking, and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended to
identify forward-looking statements. These statements are based on
current expectations, estimates and projections of BASF management
and currently available information. They are not guarantees of
future performance, involve certain risks and uncertainties that are
difficult to predict and are based upon assumptions as to future
events that may not prove to be accurate.
Many factors could cause the actual results, performance or
achievements of BASF to be materially different from those that may
be expressed or implied by such statements. Such factors include
those discussed in BASF's most recent Form 20-F filed with the SEC.
Michael Grabicki
     Phone:  +49-621-60-99938
     Fax:  +49-621-60-92693
      michael.grabicki@basf.com
     US media contact:
     Rand Pearsall
     Phone:  +1-973-245-6820
     Cell:  +1-973-626-1786
     Fax:  +1-973-245-6714
      rand.pearsall@basf.com
     Analysts/Investors contact:
     Christoph Beumelburg
     Phone:  +1-973-245-6013
     Cell:  +1-973-519-2981
     Fax:  +1-973-245-6714
      christoph.beumelburg@basf.com
Web site: http://www.basf.com

Contact:

Michael Grabicki, +49-621-60-99938, fax, +49-621-60-92693,
michael.grabicki@basf.com, or US media, Rand Pearsall,
+1-973-245-6820, cell, +1-973-626-1786, fax, +1-973-245-6714,
rand.pearsall@basf.com, or Analysts/Investors, Christoph Beumelburg,
+1-973-245-6013, cell,
+1-973-519-2981, fax, +1-973-245-6714, christoph.beumelburg@basf.com,
all of BASF

Original-Content von: BASF SE, übermittelt durch news aktuell

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