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BASF says confident for 2014 after meeting 2013 targets

German chemicals giant BASF said on Tuesday that it was "cautiously optimistic" for business this year after it met its targets last year. "2013 was again a demanding year, with a lot of headwind for our industry. Nevertheless, we achieved our goal," chief executive Kurt Bock told the group's annual earnings news conference. "Overall, we expect to perform well in a market environment that remains challenging in 2014," Bock continued.

EU court annuls Commission approval of BASF's GM potato

The EU's second highest court Friday annulled a European Commission decision to authorise a genetically modified potato developed by German giant BASF, saying it had not followed proper procedure. The Commission "departed from the rules of the authorisation procedures," the EU's General Court, which sits below the European Court of Justice, said in a statement. In 2010, the Commission cleared BASF's Amflora potato, genetically modified for industrial and animal feed use, after a general request from the company and a specific cultivation request from Sweden.

EU court annuls Commission approval of BASF's GM potato

The EU's second highest court Friday annulled a European Commission decision to authorise a genetically modified potato developed by German giant BASF, saying it had not followed proper procedure. The Commission "departed from the rules of the authorisation procedures," the EU's General Court, which sits below the European Court of Justice, said in a statement. In 2010, the Commission cleared BASF's Amflora potato, genetically modified for industrial and animal feed use, after a general request from the company and a specific cultivation request from Sweden.

EU court annuls Commission approval of BASF's GM potato

The EU's second highest court Friday annulled a European Commission decision to authorise a genetically modified potato developed by German giant BASF, saying it had not followed proper procedure. The Commission "departed from the rules of the authorisation procedures," the EU's General Court, which sits below the European Court of Justice, said in a statement. In 2010, the Commission cleared BASF's Amflora potato, genetically modified for industrial and animal feed use, after a general request from the company and a specific cultivation request from Sweden.

EU says Gazprom offers to settle anti-trust case

The European Commission said Wednesday that Russian gas giant Gazprom has offered to settle an anti-trust probe which has caused tensions between the EU and Moscow. At a meeting with senior company officials, "Gazprom expressed its willingness to explore the possibility of a commitment-based solution to ... competition concerns," EU Competition Commissioner Joaquin Almunia said. Gazprom will present "draft proposals in writing in the coming days, which the Commission will assess," Almunia said in a brief statement.

EU allows Gazprom to take over Dutch, German gas companies

The European Commission cleared Russian gas giant Gazprom on Wednesday to take joint or sole control of four Dutch and German gas companies. Gazprom is take joint control of WINZ and Wintershall Services of the Netherlands, which are involved in oil and gas exploration and production in the North Sea. It will take over completely Wingas and WIEH which supply gas mainly in Germany.

BASF books robust quarterly profit despite euro headwind

The world's biggest chemicals company, Germany's BASF, announced on Thursday better-than-expected net profit in the third quarter and held to its targets for the year. But despite the robust earnings, the company warned that the result came despite headwinds caused by the strength of the euro, especially against the Japanese yen and Brazilian real. BASF makes a wide variety of chemicals for plastics, paints, textiles and drugs as well as the auto, construction and agricultural sectors.

Cost-cutting, oil and gas sales help profits at BASF

FRANKFURT - German chemicals firm BASF said Friday that its third-quarter net profit rose 18.5 per cent, helped by a better performance from its key business making industrial materials that other companies turn into finished goods. Net income was 1.096 billion euros ($1.512 billion), up from 925 billion euros in the same quarter a year ago. Revenues rose 1.5 per cent to 17.73 billion euros.

Linde names former BASF man as new CEO

German industrial gases giant Linde said Friday that Wolfgang Buechele, currently head of Finnish group Kemira and a long-time manager at BASF, has been named its new chief executive from May 2014. Buechele, 54, was appointed by Linde's supervisory board "as a member of the executive board effective May 1, 2014 and designated CEO," the group said in a statement. "Following the annual general meeting on May 20, Buechele will take over the role as CEO from Wolfgang Reitzle, 64, whose appointment will end then due to reaching the age limit."

BASF says closed Egyptian operations amid unrest

FRANKFURT (Reuters) - German chemicals group BASF said on Friday it closed its Egyptian operations on Thursday because of the violent political protests in the country. "The safety of our employees has top priority. We are observing the situation carefully. All our employees are fine. The offices have been closed since yesterday," a spokeswoman for the world's largest chemical maker said. BASF has about 100 employees based in Egypt, with offices in Alexandria and Cairo and a plant producing construction chemicals in Sadat City.
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