European Commission approves BASF’s acquisition of Ciba
- Decision by U.S. antitrust authorities pending
- Swiss Takeover Board extends deadline for closing until April 9, 2009
Ludwigshafen, Germany – March 12, 2009 – The European Commission today 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.
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). Further information on BASF is available on the Internet at www.basf.com.
This release is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
This release has been prepared by BASF. No representation or warranty (express or implied) of any nature is given, nor is any responsibility or liability of any kind accepted, with respect to the truthfulness, completeness or accuracy of any information, projection, statement or omission in this presentation.
This release does not constitute, nor does it form part of, any offer or invitation to buy, sell, exchange or otherwise dispose of, or issue, or any solicitation of any offer to sell or issue, exchange or otherwise dispose of, buy or subscribe for, any securities, nor does it constitute investment, legal, tax, accountancy or other advice or a recommendation with respect to such securities, nor does it constitute the solicitation of any vote or approval in any jurisdiction, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of any such jurisdiction (or under exemption from such requirements).