BASF gets nod from Board for merger of Ciba India with itself

BASF India, the Indian subsidiary of the German group BASF, has finally secured approval from its board for the merger of Ciba India and its two affiliate firms with itself.

The company stated in an official release that the board has approved the scheme of amalgamation of Ciba India Ltd and its affiliates - Diamond Dye-Chem Ltd and Ciba Research (India) Pvt Ltd - with BASF India.

Under the arrangement, 90 BASF India shares will be given for every 100 Ciba India shares and 18 shares of the acquiring firm will be issued for every 100 Ciba Research shares.

BASF to acquire 20% stake in Ciba India through ‘Open Offer’

BASF SEBASF SE, the world´s leading chemical company, has notified that it will make an open offer to buy up to 20 percent of Ciba India Ltd at Rs 237.13 per share after taking over its Swiss parent Ciba Holdings AG.

According to an official release, the date of opening of the offer is June 04, 2009 and the date of closing of the offer is June 23, 2009.