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People & Business :: Companies
Akzo Nobel and BASF to Delist from U.S. Stock Exchanges
1:36 PM MDT | August 20, 2007 | Chemical Week Editorial Staff
Akzo Nobel and BASF are the latest non-U.S. chemical companies to announce plans to delist their American Depositary Receipts (ADRs) from U.S. stock exchanges. BASF says it will delist from the New York Stock Exchange, effective September 6; Akzo says it will delist from the NASDAQ, effective some time in August. The companies cited unspecified costs and complexities related to U.S. trading governance and compliance. BASF singled out the U.S. Sarbanes-Oxley Act. Akzo says the move is expected to generate €7 million/year ($9.6 million/year) in cost savings...
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