BNY Mellon appointed as the successor depositary bank by BASF and Orange for their ADR programs
OREANDA-NEWS. BNY Mellon, a global leader in investment management and investment services, announced today that it has been appointed as the successor depositary bank by both BASF, the Germany-headquartered chemical company and Orange, the French multinational telecommunications company, for their American depositary receipt (ADR) programs.
As of October 17, 2017, each BASF ADR will represent 0.25 ordinary shares. Currently, each BASF ADR still represents one ordinary share. The company's ADRs will continue to trade on the OTCQX under the symbol BASFY. BASF's ordinary shares trade on the Frankfurt, Zurich and London Stock Exchanges under the symbols "BAS" and "BFA." Each Orange ADR represents one ordinary share and trades on the New York Stock Exchange under symbol "ORAN." Orange's ordinary shares trade on the Euronext Paris Exchange under the symbol, "ORA."
"We are delighted to welcome BASF and Orange to BNY Mellon's depositary receipts group," said Christopher Kearns, CEO of BNY Mellon's Depositary Receipts business. "These two appointments demonstrate our continued long-term commitment to serving the depositary receipts markets."
Overall, BNY Mellon acts as a depositary bank for more than 1,000 issuers from 64 countries and accounts for a 57% in share of sponsored programs.
To learn more about BNY Mellon's Global Depositary Receipts Group, please visit our website or submit a request and a member of BNY Mellon's team will contact you.