BASF Receives European Anti-Trust Clearance for Proposed Engelhard Acquisition
BASF Aktiengesellschaft announced that it has received clearance from the European Commission regarding BASF's proposed acquisition of all of the issued and outstanding shares of common stock of Engelhard Corporation.
BASF is now free under both European Union and U.S. antitrust laws to proceed with its proposed acquisition of Engelhard. On February 6, 2006, the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to BASF's tender offer for Engelhard expired.
BASF has also made the regulatory filings required under a number of other jurisdictions necessary for the consummation of its tender offer and the company currently anticipates that the necessary approvals will be obtained, and the related regulatory conditions to its tender offer will be satisfied within the next month.
BASF currently intends to solicit proxies for use at Engelhard's 2006 annual meeting of stockholders, or at any adjournment or postponement thereof, to vote in favor of BASF's nominees identified in the preliminary proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC"), and to vote on any other matters that shall be voted upon at Engelhard's 2006 annual meeting of stockholders. On February 1, 2006, BASF filed a preliminary proxy statement on Schedule 14A with the SEC in connection with this solicitation of proxies.
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