Ludwigshafen , Germany -- BASF has now completed its acquisition of speciality chemicals group Ciba Holding AG, which closed 9 April with the payment of the offer price of CHF 50 ($45) a share, to Ciba shareholders, in a transaction worth CHF 6100 million.
The Ciba shares tendered have been transferred to BASF, which now holds 95.8 percent of Ciba.
BASF said it intends to fully integrate Ciba into the BASF Group,starting with a "Discovery Phase," during which joint teams from BASFand Ciba will analyse the acquired businesses in depth.
The goal is to define "a market-oriented positioning for the combinedbusinesses" and an "optimal organisational structure," said BASF.Integration will start in practice in July 2009 on the basis of theseresults.
Ciba has a leading market position, in particular in plastics additivesand coating-effect materials. For the polyurethanes sector it suppliesa range of protective additives for various types of foam.
BASF board member Dr Hans-Ulrich Engel is now chairman of Ciba's board of directors, the company's senior supervisory body. Also on this body are Hans-Walther Reiners and Dr Jörg Buchmüller. All three BASF managers were elected at the Extraordinary Meeting of Shareholders of Ciba Holding AG held in Basel, Switzerland, in December 2008. All previous Ciba board members have resigned.
Ciba also announced 15 April that it has appointed Michael Heinz of BASF as its new chief executive officer. Heinz will continue to be responsible for the integration of Ciba into BASF. Brendan Cummins is stepping down as ceo and will remain at Ciba in an advisory capacity for the next few months.
Hans-Juergen Seeger, currently managing director of BASF Services Europe GmbH, has been appointed Ciba's chief financial officer, taking over from Niklaus Meier who had been interim cfo since former cfo Juerg Fedier left the company at the end of 2008.