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BASF  Obtains Conditional EU Approval to Acquire Ciba; Agrees to Sell Assets

7:11 AM MDT | March 13, 2009 | Natasha Alperowicz

The European Commission has approved BASF's previously announced $2.9-billion bid to acquire Ciba Specialty Chemicals on condition that BASF sell assets including individual product lines and production plants, as well as a product license. The conditions apply to products that accounted for sales of less than €100 million ($127 million) in 2008, BASF says. The U.S. FTC has yet to approve the transaction. BASF says it is confident of receiving FTC approval by late March or early April. "I am satisfied that the divestments offered by BASF will ensure...

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