Home / Knowledge / News / Textiles / BASF comes closer to acquiring Ciba

BASF comes closer to acquiring Ciba

03
Dec '08
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.

BASF


Must ReadView All

Pic: Shutterstock

Textiles | On 5th Aug 2020

Procure garments, textiles from domestic firms: Ghana prez

Ghanaian President Nana Addo Dankwa Akufo-Addo recently directed all...

Pic: Shutterstock

Apparel/Garments | On 5th Aug 2020

New COVID-19 wave to threaten Vietnamese garment sector

A fresh wave of COVID-19 may worsen the situation of Vietnam's...

Pic: Shutterstock

Fashion | On 5th Aug 2020

Ralph Lauren Q1 FY20: revenues $487 mn; net loss $128 mn

Ralph Lauren Corporation, a leading designer of of premium lifestyle...

Interviews View All

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Top executives, Machinery Company

Top executives
Machinery Company

We will promote latest technologies at ITMA Barcelona

Lukas Hartmann,

Lukas Hartmann

Intex Consulting GmbH is a completely integrated enterprise resource...

Tom,

Tom

<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search