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BASF comes closer to acquiring Ciba
03 Dec '08
2 min read
BASF has come a step closer to acquiring Ciba. At the Extraordinary Meeting of Shareholders of Ciba Holding AG held today in Basel, Switzerland, the voting rights and registration restrictions in the articles of association of Ciba Holding AG were removed with effect as of the settlement date.
At the same time, three representatives of BASF – Dr. Hans-Ulrich Engel, Hans-Walther Reiners and Dr. Jörg Buchmüller – were elected to Ciba's Board of Directors. The election is also effective as of the settlement date.
All current members of Ciba's Board of Directors will resign as of the settlement date. The motions were approved by significantly more than 90 percent of the share capital represented. As a result, further conditions of BASF's public tender offer have been fulfilled. The completion of the transaction is still subject to approval by the relevant antitrust authorities, which is expected in the first quarter of 2009.
From tomorrow (December 3) until the settlement date, the tendered Ciba shares can be traded on a second trading line of the SIX Swiss Exchange. The shares remain tendered. On the settlement date, they are automatically transferred to BASF against payment of the offer price of CHF 50.00 irrespective of the share owner on that date. The transfer of shares to BASF and the payment of the offer price will take place on the settlement date.
All information about BASF's offer, including the offer prospectus, is available on the Internet at www.basf-info.com.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost €58 billion in 2007.
At the same time, three representatives of BASF – Dr. Hans-Ulrich Engel, Hans-Walther Reiners and Dr. Jörg Buchmüller – were elected to Ciba's Board of Directors. The election is also effective as of the settlement date.
All current members of Ciba's Board of Directors will resign as of the settlement date. The motions were approved by significantly more than 90 percent of the share capital represented. As a result, further conditions of BASF's public tender offer have been fulfilled. The completion of the transaction is still subject to approval by the relevant antitrust authorities, which is expected in the first quarter of 2009.
From tomorrow (December 3) until the settlement date, the tendered Ciba shares can be traded on a second trading line of the SIX Swiss Exchange. The shares remain tendered. On the settlement date, they are automatically transferred to BASF against payment of the offer price of CHF 50.00 irrespective of the share owner on that date. The transfer of shares to BASF and the payment of the offer price will take place on the settlement date.
All information about BASF's offer, including the offer prospectus, is available on the Internet at www.basf-info.com.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost €58 billion in 2007.
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