BASF and Shell to Sell Their Stakes in Basell

BASF and Shell Chemicals announced today they will sell their 50-50 joint venture, Basell, to a consortium led by New York-based Access Industries and The Chatterjee Group, a privately-held investment firm. Basell is the world's largest producer of polypropylene and advanced polyolefins used in a wide number of applications, including in the packaging and automotive industries and for consumer goods.

LUDWIGSHAFEN, Germany and LONDON — BASF and Shell Chemicals announced today they will sell their 50-50 joint venture, Basell, to a consortium led by New York-based Access Industries and The Chatterjee Group, a privately-held investment firm.

Basell is the world’s largest producer of polypropylene and advanced polyolefins used in a wide number of applications, including in the packaging and automotive industries and for consumer goods.

BASF and Shell sold the business for approximately $5.7 billion, including debt. The transaction is expected to close in the second half of 2005.

BASF and Shell first announced plans to review options for the joint venture in July 2004. The two companies established Basell as an independent company in 2000 to successfully consolidate their polyolefins businesses across the world.

Basell is headquartered in Hoofddorp, the Netherlands. The company has sales activities in more than 120 countries and operates production sites in 21 countries worldwide. Basell employs a workforce of 6,600 employees: about 5,200 in Europe and about 1,000 in North America. In 2004, Basell posted sales of approximately $8.7 billion.

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