BASF to buy Ciba Specialty Chemicals
Canadian PlasticsCanadian Plastics
Chemcial supplier BASF has launched an agreed take-over bid for Ciba Specialty Chemicals.
According to reports, BASF is offering 50 Swiss francs a share for the Swiss-based Ciba. Based on outstanding Ciba shares and including net financial liabilities and pension obligations, the enterprise value would be 6.1 billion Swiss francs (3.8 billion euros).
Chairman Jurgen Hambrecht said the acquisition will strengthen BASF’s position in the speciality chemicals field and identified plastics, coatings and water treatment as sectors of particular interest.
He added that through the deal, BASF would also “intensify the urgently needed restructuring process and become the leading supplier with an extensive portfolio.”
The prospectus for the take-over will be published in October. BASF hopes to complete the transaction by the first quarter of next year, subject to regulatory approvals.
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