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European Commission Approves BASF's Acquisition of Ciba

Published on 2009-03-18. Author : SpecialChem

LUDWIGSHAFEN , Germany -- The European Commission approved the acquisition of Ciba Holding AG by BASF. The approval is subject to the divestiture of individual product lines and production plants as well as a product license. The conditions apply to products that accounted for sales of less than €100 million in 2008.

The decision by the U.S. Federal Trade Commission (FTC) is still pending. This approval is a precondition for the closing of the acquisition with the transfer of shares to BASF and the payment of the offer price to Ciba shareholders. BASF is confident of receiving approval by late March/early April.

In response to a request by BASF, the Swiss Takeover Board has extended the deadline for the closing of the transaction by four weeks until April 9, 2009. The trading of Ciba shares on a second trading line will also be extended. As a result, Ciba shares tendered to BASF can be traded on this lane until shortly before closing.

About BASF:

BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals as well as oil and gas. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has approximately 97,000 employees and posted sales of more than €62 billion in 2008. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).

Source: BASF


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