Merger control authorities approve acquisition of Ciba by BASF
Settlement conditions for tender offer fulfilled
The U.S. Federal Trade Commission (FTC) and the Chinese merger control authority MOFCOM approved the acquisition of Ciba Holding AG by BASF on April 2, 2009. No conditions were imposed beyond those required by the European Commission in its decision of March 12, 2009.
Furthermore, the condition imposed by the European Commission to reach a sales agreement for Ciba's business with the light stabilizer CHIMASSORB 119 FL (HALS) before closing has been fulfilled. The buyer is the Italian company Sabo S.r.l.
As a result, the conditions for the settlement of the tender offer are now fulfilled (closing): The offer price of CHF 50.00 per tendered share can be paid and the Ciba shares transferred to BASF.
The planned settlement date is April 9. As of this date, BASF will hold approximately 95.8 percent of Ciba shares. Ciba shares that have not been tendered can be traded on the SIX Swiss Exchange until further notice.
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