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Merger Control Authorities Approve Acquisition of Ciba by BASF

Published on 2009-04-06. Author : SpecialChem

LUDWIGSHAFEN, Germany -- The U.S. Federal Trade Commission (FTC) and the Chinese merger control authority MOFCOM approved the acquisition of Ciba Holding AG by BASF on April 2, 2009. No conditions were imposed beyond those required by the European Commission in its decision of March 12, 2009.

Furthermore, the condition imposed by the European Commission to reach a sales agreement for Ciba's business with the light stabilizer CHIMASSORB 119 FL (HALS) before closing has been fulfilled. The buyer is the Italian company Sabo S.r.l.

As a result, the conditions for the settlement of the tender offer are now fulfilled (closing): The offer price of CHF 50.00 per tendered share can be paid and the Ciba shares transferred to BASF.

The planned settlement date is April 9. As of this date, BASF will hold approximately 95.8 percent of Ciba shares. Ciba shares tendered to BASF can be traded on the second line of the SIX Swiss Exchange until April 3, 2009. Ciba shares that have not been tendered can be traded on the SIX Swiss Exchange until further notice.

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 EUR 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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