BASF's Hambrecht to delay comeback until 2014: paper

Published January 05, 2013

| Reuters

FRANKFURT – Juergen Hambrecht, the former chief executive of Germany's BASF, will delay an attempted comeback to the world's largest chemical maker by sales until 2014, he told German weekly Frankfurter Allgemeine Sonntagszeitung.

Hambrecht, who left the CEO post in 2011, has sought to get a seat on BASF's board of directors, a body known in Germany as the supervisory board.

German law prohibits an immediate move from management to the board of directors, demanding that executives undergo a two-year "cooling off" period.

"BASF has a very good supervisory board. New appointments will take place in 2014," Hambrecht told the paper. "I have cooled off for almost two years, so it doesn't make much difference if I do it for three," he further said.

(Reporting by Edward Taylor; Editing by Ruth Pitchford)

URL

http://www.foxbusiness.com/news/2013/01/05/basf-hambrecht-to-delay-comeback-until-2014-paper/