CHEMICAL BRIEFS

CHEMICAL BRIEFS

CHARITY TO SELL STAKE

IN BRITAIN'S WELLCOMEThe charity that owns most of Britain's Wellcome PLC plans to sell up to half of the pharmaceuticals company, which is best known for its anti-AIDS drug AZT.

The Wellcome Trust, a leading medical research charity, said Monday it

plans will cut its 73.6 percent stake in the company to below 50 percent through an international stock offering that could be worth up to US$7.9 billion.

The sale must be approved by British courts and the watchdog Charity

Commission.

BASF REVAMP TO CUT

170 JOBS IN MASS.

NEW YORK - BASF Corp., the German chemical company, said Monday it plans to restructure its North American magnetic tape business and cut 170 jobs.

BASF Information Systems said the jobs will be cut at its audiotape production facility in Bedford, Mass. The company said the production will be moved to Europe in an effort to take advantage of economies of scale.

The facility, which produces magnetic audiotape and videotape as well as floppy disks and other products, employs about 780 people.