Abstract
LIKE SANTA CLAUSES dressed in business suits, the lively chairman of BASF, Jurgen Hambrecht, and the company's restrained and very tall head of finance, Kurt W. Bock, appeared in front of about 100 journalists at a press conference in Ludwigshafen, Germany, a few weeks ago to deliver a load of goodies. BASF, self-styled as Chemical Company, had achieved record profits in 2006, and everyone involved was getting something. The company was raising its dividend to shareholders, paying employees a record bonus, and buying back more of its shares. In this festive atmosphere, even the reporters got a gift. The firm gave each journalist a blow-up rubber pony, made with a BASF plasticizer, that soon became a hit at home among those with young children. The results that Hambrecht and Bock doled out were impressive. BASF had managed to increase its sales by 23% in 2006, more than half through internal growth and the rest ...
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