BASF Acquisition of Ciba Holding Approved

Matt Hopkins Posted by Matt Hopkins|13 March 2009

Germany-based BASF has received the approval of the European Commission today for its acquisition of Swiss chemcial company Ciba Holding AG. According to a BASF press release, the approval is subject to the divestiture of individual product lines and production plants as well as a product license. These conditions apply to productsthat accounted for sales of less than US $129 million in 2008.

The acquisition is still dependent upon an anti-trust decision by the US Federal Trade Commission. While still pending, this approvalis expected to be received by BASF by the end of March or beginning of April. The deadline for the closing of the transaction has been extended by the Swiss Takeover Board until April 9, 2009. The trading of Ciba shares on a second trading line will also be extended.

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