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BASF Nears Deal for Cognis

7:22 AM MDT | June 22, 2010 | Natasha Alperowicz

BASF is close to buying Cognis for €3.3 billion ($4 billion), according to press reports. The company reportedly secured the deal after owners, private equity firm Permira and Goldman Sachs Capital Partners rejected a higher buyout offer from Lubrizol Corp. BASF was reportedly granted preferred status during the bidding process because the owners regarded the deal as a more likely to close and its funding as more secure compared to Lubrizol's. Lubrizol reportedly made a bid worth about €3.2 billion, including assumed debt, for Cognis. Reports surfaced...

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