Germany. The European Commission on Thursday approved Basf's acquisition of Ciba Holding AG. Approval was subject to divestment in individual product lines, product plants and licensing.The conditions apply to products that accounted for sales of less than 100 million euros (about US$129 million) in 2008. The decision of the Federal Trade Commission of the United States (FTC), still pending, is a precondition and necessary for the closing of the acquisition, with the transfer of shares to Basf and the payment of the offer price to the shareholders of Ciba.
In a statement, Basf hopes to receive approval in late March or early April. The Swiss Corporate Purchasing Council has extended the deadline for closing the transaction until April 9 this year. The marketing of the repurchased shares will also be expanded.
