BASF, BMW Among 12 Forming Group to Finance Commodity Projects

Twelve of Germany’s biggest companies including BASF SE (BAS) and Daimler AG (DAI) formed a group to finance stakes in commodity projects, the BDI industry federation said today in an e-mailed statement.

The aim is to improve the long-term supply of commodities, the statement said. The company will focus on early-stage exploration projects, including financing operations, it said.

The 12 founding companies are: BASF, Bayer AG (BAYN), Daimler, BMW AG, Evonik Industries AG, Robert Bosch GmbH (RBOS), Chemetall GmbH, Georgsmarienhuette Holding GmbH, Wacker Chemie AG (WCH), Stahl- Holding-Saar GmbH, Aurubis AG (NDA) and ThyssenKrupp AG. (TKA)

The Berlin-based Economy Ministry and the BDI announced plans to improve German companies’ access to commodities in 2010 amid awareness of increasing competition from China in securing so-called rare earths.

To contact the reporter on this story: Brian Parkin in Berlin at bparkin@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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