European Commission approves BASF’s acquisition of Ciba
Decision by U.S. antitrust authorities pending
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.
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