Ludwigshafen, Germany - The US Federal Trade Commission (FTC) and Chinese merger control authority MOFCOM have approved the BASF acquisition of Ciba Holding AG, BASF said in a 2 April statement.
The company said no conditions would be required beyond those already imposed by the European Commission, which approved the acquisition in September 2008. The statement also said that, as required in the EC September decision conditions, Ciba's business with the light stabiliser CHIMASSORB 119 FL (HALS) has now been acquired by Sabo Srl.
As a result, the conditions for the settlement of the tender offer are now fulfilled, the company said. The offer price of CHF 50 (Euro 32.75) per tendered share can be paid and the Ciba shares transferred to BASF.
The planned settlement date is 9 April, at which point BASF will hold approximately 95.8 percent of Ciba shares. (RD)