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Ludwigshafen, Dec 3, 2008 AEST (ABN Newswire) - BASF (FRA:BAS)(OTC:BASFY) has come a step closer to acquiring Ciba. At the Extraordinary Meeting of Shareholders of Ciba Holding AG held today in Basel, Switzerland, the voting rights and registration restrictions in the articles of association of Ciba Holding AG were removed with effect as of the settlement date.
At the same time, three representatives of BASF - Dr. Hans-Ulrich Engel, Hans-Walther Reiners and Dr. Joerg Buchmueller - were elected to Ciba's Board of Directors. The election is also effective as of the settlement date. All current members of Ciba's Board of Directors will resign as of the settlement date. The motions were approved by significantly more than 90 percent of the share capital represented. As a result, further conditions of BASF's public tender offer have been fulfilled. The completion of the transaction is still subject to approval by the relevant antitrust authorities, which is expected in the first quarter of 2009.
From tomorrow (December 3) until the settlement date, the tendered Ciba shares can be traded on a second trading line of the SIX Swiss Exchange. The shares remain tendered. On the settlement date, they are automatically transferred to BASF against payment of the offer price of CHF 50.00 irrespective of the share owner on that date. The transfer of shares to BASF and the payment of the offer price will take place on the settlement date.
All information about BASF's offer, including the offer prospectus, is available on the Internet at http://www.basf-info.com
