BASF confident Ciba deal will close in Q1
30 October 2008 15:46 [Source: ICIS news]
LONDON (ICIS news)--BASF is confident its acquisition of Ciba will take place in the first quarter of 2009 after obtaining more than the minimum 66.67% acceptance threshold of the Swiss specialty chemicals company, its CEO said on Thursday.
“Although the preliminary acceptance rate published in the legally required interim announcement was below the necessary 66.67% threshold, the rate increased to more than 67% in the course of yesterday and is thus above the minimum threshold,” said Jurgen Hambrecht in a conference call after the company released its third-quarter results.
“We are confident that we will then be able to proceed with the acquisition process and close the transaction in the first quarter of 2009 and then start swiftly with the integration,” he added.
BASF set the minimum acceptance threshold to 66.67% of all nominal shares in a share offer prospectus on 1 October.
The public tender offer period ended on 28 October. Hambrecht said the company would publish definitive interim results on 3 November.
He added that he was also confident that the shareholders of
Revus Energy is an oil and gas exploration and production company listed on the
Hambrecht said BASF’s sound balance sheet enabled it to make attractive acquisitions now.
“We are using the opportunities that present themselves in the challenging economic environment and continuing our strategy of value adding growth,” he said.
($1 = Nkr6.70/€1 = Nkr8.60)
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By: Hilde Ovrebekk
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