BASF pursues Ciba - sportstextiles: Lea SportsTextiles

News

BASF pursues Ciba

15/09/2008
German chemicals firm BASF has revealed plans to acquire Swiss speciality chemicals company Ciba Holding AG and is to make a public takeover offer to Ciba’s shareholders. BASF will pay CHF50 ($44.80) in cash for each nominal share in Ciba. The offer corresponds to a premium of 32% above the closing price for Ciba’s shares on September 12 and a premium of 60% above the volume-weighted average share price for Ciba shares in the 30 days prior to announcement of the public takeover offer. Based on all outstanding Ciba shares and including all net financial liabilities and pension obligations, the enterprise value would be CHF6.1 billion.

BASF expects to finalise the transaction in the first quarter of 2009 at the latest and the financing for the offer is already in place. The firm currently has 100 major sites, 95,000 employees and annual sales of €57.9 billion ($82.6 billion). Ciba has 60 sites, 13,000 employees and sales of €4 billion.

Sportstextiles.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.