09 April 2009 17:53 [Source: ICIS news]
TORONTO (ICIS news)--BASF has closed on its acquisition of Ciba and is starting the process of fully integrating the Swiss specialty chemicals producer into its operations, the company said on Thursday.
BASF now held 95.8% of Ciba, it said. The remaining shares could be traded on the Swiss stock exchange until further notice, the Germany-based chemicals major added.
With the closing of the acquisition, Ciba’s board of directors would now be chaired by BASF board member Hans-Ulrich Engel, the company said.
Engel and two other BASF managers were elected to Ciba’s board at a shareholder meeting in December. All previous Ciba board members had resigned, BASF said.
The integration process was being started with a “discovery phase” during which BASF and Ciba executives would analyse the acquired businesses in depth, BASF said.
Based on the results of that phase, the actual integration process would start in July, it said.
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