European Commission Approves BASF's Acquisition of Ciba (3/26/09)
The European Commission has 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 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.
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.
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