European Commission delays deadline for BASF's Cognis takeover

11 November 2010 15:33  [Source: ICIS news]

LONDON (ICIS)--The European Commission has postponed the deadline for its approval of BASF’s €3.1bn ($4.2bn) takeover of Cognis by two weeks until 30 November, a spokeswoman for the executive body said on Thursday.

The Commission said the decision to delay was made after BASF submitted its commitments to the deal, which usually means it would sell assets that would overlap and be in breach of EU competition law.

German chemical major BASF said in June that it had concluded an agreement with Cognis to acquire it for €3.1bn.

Cognis is a supplier of specialty chemicals and nutritional ingredients, with a particular focus on the food and healthcare markets and the cosmetics, detergents and cleaners industries.

Following the necessary approvals, the business would be integrated into BASF’s performance products segment.

($1 = €0.73)

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By: Hilde Ovrebekk
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