BASF holds 94.59% of Ciba, deal to settle in '09

20 November 2008 09:04  [Source: ICIS news]

LONDON (ICIS news)--BASF now holds 94.59% of all issued Ciba shares and the deal is expected to settle in the first half of next year, the German chemicals major said on Thursday.

The company said that up to the end of the offer period on 14 November, a total of 53,376,268 shares in the Swiss specialty chemicals firm had been tendered to BASF.

Together with the 1,011,536 shares BASF held before the publication of the pre-announcement, there are the 9,021,802 shares BASF bought from Spanish investor group Bestinver outside the public tender offer and the 1,918,547 own shares held by Ciba, which resulted in a participation of 65,328,153 Ciba shares.

BASF said this corresponded to 94.59% of all issued Ciba shares.

“The transfer of shares to BASF and the payment of the offer price to Ciba shareholders will take place on the settlement date, which is expected in the first quarter of 2009,” the company said in a statement.

A second trading line for the tendered Ciba shares, which would allow them to be traded up to the settlement date, was expected to be opened on the Swiss stock exchange on 3 December.

On the settlement date, they would automatically be transferred to BASF against payment of the offer price of Swiss francs (Swfr) 50 ($41/€33), irrespective of the share owner on that date, BASF said.

($1 = Swfr1.21/€1 = Swfr1.52)

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By: Hilde Ovrebekk
+44 20 8652 3214

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