Germany's BASF set to complete Ciba deal next week

03 April 2009 08:54  [Source: ICIS news]

(recasts lead)

LONDON (ICIS news)--German chemical company BASF is set to complete the acquisition of Swiss specialty chemicals company Ciba next week after securing approvals from the merger control authorities of the US and China where the two firms have operations, the German group said on Friday.

The approvals from the US Federal Trade Commission and China's Ministry of Commerce (MOFCOM) were the last conditions imposed on the deal following the European Commission’s decision on 12 March.

BASF also fulfilled another Commission closing condition in reaching a sales agreement for Ciba’s business with the light stabiliser CHIMASSORB 119 FL. The business would be sold to Italian company Sabo, BASF said.

BASF said the Ciba acquisition would close on 9 April, when it would have about 95.8% control of the Swiss company.

To discuss issues facing the chemical industry go to ICIS connect

By: Mark Watts
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly