Ludwigshafen, Germany-based BASF said it would pay Sfr50 per Ciba share, a 31.6% premium to Ciba's Friday close.
Speculation has swirled for months that BASF would make a significant
acquisition. In July, Dow Chemical Co. announced an $18 billion
purchase of Rohm and Haas Co., and Ashland Inc. agreed the $3.3 billion
purchase of Hercules Inc. Newspaper reports linked the German group
with bankrupt W.R. Grace & Co. as well as Rockwood Chemical Co. and
Cognis GmbH.
Although BASF has become the world's biggest chemicals group through persistent dealmaking, it went quiet after a string of acquisitions two years ago. See the
full story on TheDeal.com for the details. -
Andrew Bulkeley
