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.

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By: Mark Watts
+44 20 8652 3214



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