03 November 2008 09:40 [Source: ICIS news]
SINGAPORE (ICIS news)—BASF, the world’s largest chemical company, now holds 68.1% of chemical additives and coatings maker Ciba's shares and has exceeded the minimum acceptance threshold of 66.67%, the company said in a statement on Monday.
“With this interim result, we have come a significant step closer to our planned acquisition of Ciba,” said Jurgen Hambrecht, chair of the board of executive directors of BASF SE.
A total of 46,022,745 shares were tendered to BASF at the end of the offer period on 28 October, which brings the aggregate ownership of Ciba to 68.1%, considering the 1,011,536 shares that BASF holds before the publication of the pre-announcement.
At the same time, BASF has begun the additional acceptance period for Ciba shareholders who have yet to tender their shares for the same price of Swiss Franc (Swfr) 50 ($43.10), per share starting from 3 November and will close at 4pm CET on 14 November.
“By tendering their shares in the additional acceptance period, these Ciba shareholders avoid the risk of becoming minority shareholders in Ciba and holding shares with limited liquidity,” BASF said adding that it intends to delist the acquired company.
The transfer of the shares to BASF and the payment of the offer price will take place in the first quarter of 2009 at the latest, the company said.
($1 = Swfr 1.16)
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