European Commission Approves BASF's Acquisition of Ciba (3/26/09)
The approval 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 expects to receive approval by the end of March or the beginning of April.
In response to a request by BASF, the Swiss Takeover Board extended the deadline for the closing of the transaction until April 9, 2009. Trading of Ciba shares on a second trading line has also been extended. As a result, Ciba shares tendered to BASF may be traded on this line until shortly before closing.
For more information, visit www.basf.com.