European Commission approves BASF/Ciba acquisition
The European Commission has approved BASF’s acquisition of Swiss speciality chemicals manufacturer Ciba. The approval is subject to the divesture of individual product lines and production plants, as well as a product license and products that accounted for less than €100m in 2008, according to the Commission.
The European Commission has approved BASF’s acquisition of Swiss speciality chemicals manufacturer Ciba. The approval is subject to the divesture of individual product lines and production plants, as well as a product license and products that accounted for less than €100m in 2008, according to the Commission.
A decision on the takeover by the US Federal Trade Commission (FTC) is still pending however and is a precondition of completing the acquisition. BASF says it is confident of being granted approval by late March or early April.
In response to a request by BASF, the Swiss Takeover Board has also extended the transaction closing deadline to 9th April 2009, along with the trading of Ciba shares which will now have an extended second trading line, enabling Ciba shares tended to BASF to be traded until shortly before the deal is completed.