BASF acquires Ciba shares from Bestinver - sportstextiles: Lea SportsTextiles

News

BASF acquires Ciba shares from Bestinver

13/11/2008
Spanish investor group Bestinver has sold its stake of approximately 13% in Ciba Holding AG to BASF outside the public tender offer. The price per share is CHF49.50 ($41.60). BASF must provide assurance that it will not exercise the voting rights attached to these shares before the settlement date.

“By the end of the additional acceptance period, we expect to reach a figure of significantly more than 90% of Ciba shares", said BASF spokesman Thomas Nonnast.

Under the terms of its public tender offer, BASF is offering CHF50 in cash for each nominal share in Ciba. The additional acceptance period for the offer ends on November 14. During this period, Ciba shareholders who have so far not tendered their shares have the opportunity to do so for CHF50in cash for each nominal share.

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.