10 December 2010 10:18 [Source: ICIS news]
LONDON (ICIS)--BASF has successfully completed its €3.1bn ($4.1bn) acquisition of specialty chemicals producer Cognis, the German chemicals major said on Friday.
The equity purchase price of the deal was €700m including net financial debt and pension obligations, BASF added.
BASF said that the detailed integration plans of Cognis would be developed by the end of the first quarter of 2011. Completion of the structural integration was targeted for the end of 2011, the group added.
“The combination [of Cognis and BASF] will broaden our portfolio of specialty chemicals and boost innovation for our customers,” said Jurgen Hambrecht, chairman of BASF.
BASF said that the acquisition of Cognis would allow the group to achieve a leading position in personal care ingredients and strengthen its position in value-added products for home care.
“Cognis will make an important contribution to the growth strategy of our Performance Products segment. We aim to grow two percentage points above the relevant markets and achieve an EBITDA (earnings before interest, tax and amortisation) margin of minimum 20% as of 2013,” said John Feldmann, member of the board of executive directors.
($1 = €0.76)
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