German firm BASF is rescheduling its annual shareholders' meeting as the novel coronavirus continues to spread in Germany, the company said in a release Monday. Originally planned for April 30 at the Rosengarten Congress Center, BASF said it will now hold the meeting some time before June 30, 2020.
“As a result of the postponement of the Annual Shareholders’ Meeting, the proposed dividend cannot be paid out on May 6, 2020 as planned,” the company wrote in a press release. “This is subject to a corresponding resolution on the appropriation of profit by the BASF Annual Shareholders’ Meeting.”
The German Stock Corporation Act mandates that the annual shareholders’ meeting has to be a physical event. BASF said the date of the meeting depends “on the progression of the virus and the measures taken by relevant authorities.”
Chemical news organization ICIS reported Tuesday that BASF is working to start production of hand sanitizers at its petrochemicals site in Ludwigshafen, Germany. The company plans to give the products to hospitals in the Rhine-Neckar region.