“We are confident that Engelhard’s shareholders will recognize the superior value for all of their shares and the complete certainty that BASF is offering, as opposed to the risk and uncertainty of Engelhard’s leveraged recapitalization plan,” said Dr. Jürgen Hambrecht, chairman of the Board of Executive Directors of BASF Aktiengesellschaft. “We want to make it very clear: This is our last, best and final offer. Under no circumstances will we raise our price again. If Engelhard’s shareholders do not elect all of our nominees at Engelhard’s Annual Meeting, we will let our offer expire and pursue other opportunities.”
The offer expires at midnight on June 5, 2006.