BASF Posts Earnings Up; Receives Offer for its Styrenics Business

BASF reported second-quarter earnings of $1 billion, up 11.3% over the year-ago period. Sales were up 18.9%, to $14.6 billion. Sales were up across all units except oil and gas, which was hit by lower selling prices and unfavorable exchange rates. "Scheduled plant turnarounds, in particular in the petrochemicals division, are likely to reduce earnings by Eu150 million in the second half of 2007," says BASF's chairman Jurgen Hambrecht. "In addition, we plan to further increase spending on research and development. We nevertheless expect full-year EBIT before...

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