BASF to acquire 20% stake in Ciba India through ‘Open Offer’

BASF SE, the world´s leading chemical company, has notified that it will make an open offer to buy up to 20 percent of Ciba India Ltd at Rs 237.13 per share after taking over its Swiss parent Ciba Holdings AG. According to an official release, the date of opening of the offer is June 04, 2009 and the date of closing of the offer is June 23, 2009. The offer follows BASF SE's global acquisition of Ciba Holding AG, a parent of Ciba India, which owns 69.28 percent in the local firm.
Last week, Germany-based BASF had completed its $5.1 billion cash acquisition of Ciba, a specialty-chemicals company based in Switzerland. It should be noted that according to the Indian market rules, BASF has to buy additional 20% equity shares from shareholders of Ciba India, because the stock exchange believes that the global buy indicates an indirect acquisition of the Indian unit. Presently, BASF holds 95.8% of Ciba Holding shares. JM Financial Consultants Pvt. Ltd. will be managers of the offer on behalf of BASFRead more: BASF to acquire 20% stake in Ciba India through ‘Open Offer’