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BASF and Ciba Merger Receives Shareholder Approval

December 28/2009
December, 28 (chemicals-technology.com) -- The proposed merger of BASF and Ciba entities in India has received approval from both companies" stakeholders in a requisite majority.

On 12 September 2009, BASF proposed to merge Ciba India, Ciba Research (India) and Diamond Dye-Chem with BASF India, which along with the share-swap ratio was approved by both companies" board of directors.

Ciba India and Ciba Research (India) equity stakeholders will receive shares in BASF India.

The share exchange ratio involves 90 fully paid equity shares of BASF for every 100 fully paid equity shares of Ciba India of INR10 each and 18 fully paid equity shares of BASF of INR10 each for every 100 fully paid equity shares of Ciba Research of INR10 each.

The Scheme of Amalgamation must now receive approval from the High Court of Judicature at Mumbai.

The merger will be effective from 1 February 2010, which is the appointed date for the deal.

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       MRC Reference

BASF. The share in the Russian market in 2008:
 PS - 9.1% (GPPS - 5.9%, ABS - 11.4%, EPS - 10.6%).

 

Annual sales growth in Russia over the 5 years:
 PS - 15%.

 

Imports by polymers processing technologies:
 foaming;
 injection molding.

 



















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