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BASF’s Shift to Specialties Continues with Bid for Ciba

10:36 AM MDT | September 22, 2008 | Ian Young

BASF plans to buy Ciba Specialty Chemicals in the latest M&A deal of a rapidly consolidating specialties market. BASF has made a SF50/share cash offer to Ciba’s shareholders, which values Ciba at SF3.4 billion ($3 billion) or SF6.1 billion including debt and pensions. The two companies have signed a transaction agreement, and Ciba’s board has recommended the offer to its shareholders. The merged company would have pro forma sales of almost €62 billion/year ($87.9 billion), as well as 160 major sites and 108,000 employees. BASF expects to...

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