BASF has successfully completed its acquisition of Ciba Holding AG, which closed today with the payment of the offer price to Ciba shareholders. At the same time, the tendered shares were transferred to BASF. The company now holds 95.8 percent of Ciba. Ciba shares that were not tendered as part of the public offer can be traded on the SIX Swiss Exchange until further notice.
As of closing, BASF Board member Dr. Hans-Ulrich Engel has become Chairman of Ciba’s board of directors, the company’s senior supervisory body. Further members of this body are Hans-Walther Reiners and Dr. Jörg Buchmüller. All three BASF managers were elected at t he extraordinary meeting of shareholders of Ciba Holding AG held in Basel, Switzerland, in December 2008. All previous members of Ciba’s board of directors have resigned.
BASF intends to fully integrate Ciba into the BASF Group. The integration process will start with a discovery phase. During this phase, joint teams consisting of BASF and Ciba employees will analyze the acquired businesses in depth. The goal of the analysis is to define a market-oriented positioning for the combined businesses as well as the optimal organizational structure. The actual integration process will start in July 2009 on the basis of these results.
In addition, Ciba Inc., BASF SE and Sabo S.r.l. have concluded an agreement for Sabo to acquire Ciba’s CHIMASSORB 119 FL hindered amine light stabilizer (HALS) business. This divestment will resolve the competition concern in the HALS market as identified by the European Commission in its ruling regarding the acquisition of Ciba by BASF.
Under the agreement signed, Sabo has committed to purchase the business, including the related customer list and intellectual property. The transfer of business is planned to occur on May 1, 2009.