BASF has 66.67% Ciba stake after public offering

29 October 2008 10:25  [Source: ICIS news]

LONDON (ICIS news)--BASF now holds a 66.67% stake in Swiss specialty chemicals company Ciba after the expiry of the public tender offer period, the German chemicals major said on Wednesday.

BASF’s Swiss francs (Swfr) 50/share offer period for Ciba ended as originally planned on 28 October following the official rejection of calls for an extension from Spanish fund manager Bestinver, one of the largest Ciba shareholders.

The company said that up to the end of the offer period, a total of 45,030,453 of Ciba shares had been tendered to BASF as part of the company’s public tender offer to shareholders of Ciba Holding.

Together with the 1,011,536 Ciba shares that BASF held before the publication of the pre-announcement, this resulted in a participation of 46,041,989 Ciba shares, which corresponds to 66.665% of the share capital and voting rights of Ciba, BASF said.

It added that it would publish the definitive interim result on 3 November.

Ciba’s share price was at Swfr 46.80 at 09:47 GMT, up 0.91% on the previous close.

($1 = Swfr1.16, €1 = Swfr1.46)

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By: Hilde Ovrebekk
+44 20 8652 3214

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