24 June 2010 16:51 [Source: ICIS news]
TORONTO (ICIS news)--BASF’s €3.1bn ($3.8bn) deal this week to buy specialty chemicals firm Cognis tops a string of specialties acquisitions under the eight-year reign of chief executive Jurgen Hambrecht.
Hambrecht, who took over as chief executive in 2003 from Jurgen Strube, significantly broadened BASF’s position in specialty chemicals, while reducing the company’s exposure to the volatile petrochemicals cycle.
However, he has suggested that there would be no further major acquisitions over the next two years as maintaining a solid A credit rating was a priority for the company.
Hambrecht is due to step down in May 2011. Kurt Bock, the current chief financial officer and Hambrecht's designated successor, will thus likely put his initial focus on cash flow generation and debt reduction.
2010 BASF agrees to buy Cognis in €3.1bn deal
2009 BASF completes €3.9bn Ciba acquisition
2006 BASF acquires Johnson Polymer for $470m
2006 BASF acquires Engelhard in deal valued around $5bn
2006 BASF acquires Degussa construction chemicals for €2.2bn
($1 = €0.81)
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