12 June 2006 12:54 [Source: ICIS news]
LONDON (ICIS news)--BASF has completed the acquisition of Engelhard and has begun the process of integrating the US catalysts maker into its organisation, the German chemicals giant announced on Monday.
BASF said Engelhard was now a wholly-owned subsidiary of BASF and had been de-listed from the New York Stock Exchange.
Jurgen Hambrecht, chairman of BASF, said it was intended to make Engelhard an integral part of BASF to leverage both companies' expertise and technology.
The long-running takeover battle ended with Engelhard accepting the $39/share offer from BASF, the world's largest chemicals company by sales volume (including its energy business).
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