BASF comes closer to acquiring Ciba

BASF representatives elected to Ciba’s Board of Directors

04-Dec-2008 - Switzerland

BASF has come a step closer to acquiring Ciba. At the Extraordinary Meeting of Shareholders of Ciba Holding AG 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. Jörg Buchmüller – 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.

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