BASF buys Bestinver's 13% stake in Ciba

12 November 2008 13:59  [Source: ICIS news]

LONDON (ICIS news)--BASF has bought a 13% stake in Swiss chemicals company Ciba from Spanish fund managers Bestinver for Swiss francs (Swfr) 49.50 ($41.6/€33.2) per share, the German chemicals major said on Wednesday.

The Spanish group sold its stake in Ciba Holding to BASF outside the public tender offer and this brings the German company’s current stake in the company to 14.5%, a BASF spokesman said.

Under the terms of its public tender offer, BASF is offering Swfr50.00 in cash for each nominal share in Ciba.

BASF’s preliminary offer period for Ciba ended on 28 October after the Swiss Takeover Board rejected a request from Bestinver to extend the offer period and to give more details of the merger proposal.

By 3 November, 68.1% of Ciba’s shareholders had tendered their shares to BASF.

The additional acceptance period for the offer ends at 16:00 central European time (15:00 GMT) on 14 November.

“By the end of the additional acceptance period, we expect to reach a figure of significantly more than 90% of Ciba shares", said BASF spokesman Thomas Nonnast.

The company will publish the preliminary results for the offer on 17 November.

($1 = Swfr 1.19, €1.49)

For more on BASF and Ciba visit ICIS company intelligence
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By: Hilde Ovrebekk
+44 20 8652 3214

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