Ludwigshafen, Germany - The additional acceptance period for BASF's public tender offer to shareholders of speciality chemical group Ciba Holding AG of Basel, Switzerland, ended 14 Nov. During the offer period, chemicals giant BASF has bought a total of 53.35 million Ciba shares, said BASF in a 17 Nov announcement.
This means that, together with the more than 1 million shares that BASF previously held, and the the 9.02 million shares that BASF bought from the Spanish Bestinver Group outside the public tender offer, plus the 1.918 million own shares held by Ciba, some 65.3 million Ciba shares are now owned by BASF.
BASF said this corresponds to 94.55 percent of all issued Ciba shares, although this result is preliminary and subject to the final analysis of the tender declarations. BASF said it will publish the definitive final result on 20 Nov.
"We would like to thank all Ciba shareholders who tendered their shares and thus established an important step towards the complete acquisition of Ciba by BASF. We are confident of successfully completing the transaction as planned," said Dr Jürgen Hambrecht, Chairman of BASF SE, in its announcement.
The next step in the acquisition process will be to remove the voting rights and registration restrictions in the articles of association of Ciba Holding AG. The extraordinary General Meeting required to amend the articles of association will be held on 2 Dec 2008.
Following this, a second trading line is to be opened on the Swiss stock exchange for the tendered Ciba shares. This will allow the shares to be traded up to the settlement date. The shares remain tendered and are automatically transferred to BASF on the settlement date irrespective of the share owner on that date. The transfer of shares to BASF and the payment of the offer price will take place on the settlement date, expected to be in the first quarter of 2009..