Corrected: BASF poised to buy Albemarle – Germany report

Correction: In the ICIS news story headlined “BASF poised to buy Albemarle - Germany report” dated 12 February 2008, please read in the third paragraph … $4.9bn (€3.4bn) … instead of … $4.9m (€3.4m).... A corrected story follows.

TORONTO (ICIS news)--BASF plans to take over US specialty chemicals and catalyst maker Albemarle, a German business magazine reported on Tuesday.

A spokesman at BASF's headquarters in Ludwigshafen, Germany, declined to comment.

Business magazine Capital, citing German market sources and analysts, said BASF would offer $4.9bn (€3.4bn) for Richmond, Virginia-based Albemarle, a 30% premium over its current share price of $38.17.

A key attraction for BASF was Albemarle’s refinery catalysts business in the US, it said.

BASF was keen on further diversifying its business and its strong cashflows, low debt levels and the weak US dollar had opened up the chance for such a big deal, Capital quoted analysts as saying.

At the same time, Dow Chemical's plans for further acquisitions were putting pressure on BASF to act, it said.

BASF acquired US catalyst maker Engelhard in 2006.

($1 = €0.69)

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