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BASF Makes Offer For Ciba

Germany-based chemical company BASF SE has made a public tender offer to acquire all outstanding shares of Switzerland-based specialty chemicals manufacturer Ciba Holding AG for 50 Swiss francs per share. Ciba’s Board of Directors has recommended that its shareholders accept the offer, which represents a 32-percent premium over the closing share price on Friday, Sept. 12, 2008, and is valued at 6.1 billion Swiss francs.

“With the acquisition of Ciba, we are strengthening our portolio and expanding our leading position in specialty chemicals with products and services for a variety of customer industries, in particular the plastics and coatings industries as well as water treatment. In paper chemicals, we will intensify the urgently needed restructuring process and become the leading supplier with an extensive portfolio,” said Dr. Jürgen Hambrecht, chairman of the Board of Executive Directors, BASF.

“We look forward to working with Ciba’s highly committed executives and employees,” Hambrecht continued. “We offer the company and its employees a new home with a long-term, viable perspective. Basel [Switzerland, Ciba’s headquarters location] will remain an important site for parts of the combined business, in particular research, and we will establish a global operating division there. We are convinced that there is a good match between the cultures and traditions of our two companies. BASF plus Ciba is a recipe for both consolidation and profitable growth.”

“BASF has been a Ciba customer and supplier for many years, and it is well acquainted with our people and our business,” said Dr. Armin Meyer, chairman of Ciba’s Board of Directors. “The acquisition of Ciba by BASF will provide a long-term perspective for profitable growth not only to our Basel site, but to our business operations throughout the world.”

The transaction, subject to regulatory approval, is expected to be completed in the first quarter of 2009.

September 16, 2008