Ciba acquisition now perfect: BASF starts integration process
- BASF holds 95.8 percent of Ciba shares after closing
Ludwigshafen, Germany – April 9, 2009 – BASF has successfully completed its acquisition of Ciba Holding AG, which closed today with the payment of the offer price to Ciba shareholders. At the same time, the tendered shares were transferred to BASF. The company now holds 95.8 percent of Ciba. Ciba shares that were not tendered as part of the public offer can be traded on the SIX Swiss Exchange until further notice.
As of closing, BASF Board member Dr. Hans-Ulrich Engel has become Chairman of Ciba’s Board of Directors, the company’s senior supervisory body. Further members of this body are Hans-Walther Reiners and Dr. Jörg Buchmüller. All three BASF managers were elected at the Extraordinary Meeting of Shareholders of Ciba Holding AG held in Basel, Switzerland, in December 2008. All previous members of Ciba’s Board of Directors have resigned.
BASF intends to fully integrate Ciba into the BASF Group. The integration process will start with a “Discovery Phase”. During this phase, joint teams consisting of BASF and Ciba employees will analyze the acquired businesses in depth. The goal of the analysis is to define a market-oriented positioning for the combined businesses as well as the optimal organizational structure. The actual integration process will start in July 2009 on the basis of these results.
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 posted sales of more than €62 billion in 2008 and had approximately 97,000employees as of the end of the year. 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.