BASF hold 68.1% stake in Ciba - acquisition is on track.

At the end of the tender offer period, the 28th October, BASF announced that they owned 68.1% of the share capital of Ciba AG.  BASF has therefore exceeded the minimum acceptance threshold of 66.67% which was a condition listed in the offer prospectus.

There is now an additional acceptance period which begins on November the 3rd, 2008 and ends at 4pm CET on November the 14th, 2008.  During this period, Ciba shreholders who have not tendered their shares have the opportunity to do so for the same price (CHF 50) and avoid becoming minority shareholders in Ciba and holding limited liquidity.

Essentially, BASF has cleared its biggest hurdle and it should now be a matter of time before Ciba is swallowed by 'The Chemical Company'.