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BASF Receives Over 90% of Engelhard Shares
Ludwigshafen, Germany (ots/PRNewswire) -
- BASF Announces Completion of Subsequent Offering Period
BASF Aktiengesellschaft (Frankfurt: BAS; NYSE: BF [ADR]; LSE: BFA; SWX: AN) today announced the completion of the subsequent offering period for the outstanding shares of Engelhard. As of 8:00 p.m. New York City time on June 8, 2006, a total of 113,489,680 shares, representing more than 90% of Engelhard's (NYSE: EC) outstanding common stock, had been tendered into BASF's initial tender offer and during the subsequent offering period.
BASF intends to complete the acquisition of Engelhard through a merger of the acquisition vehicle, Iron Acquisition Corporation, into Engelhard Corporation in which all Engelhard shares not tendered into BASF's offer or during the subsequent offering period (other than shares held in the treasury of Engelhard or held by BASF or any of its subsidiaries) will be converted into the right to receive US$39 per share. Following the merger, Engelhard will be a wholly owned subsidiary of BASF. Under applicable law, the merger is not subject to the approval of the remaining Engelhard stockholders.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. As a reliable partner to virtually all industries, BASF's intelligent system solutions and high-value products help its customers to be more successful. BASF develops new technologies and uses them to open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. In 2005, BASF had approximately 81,000 employees and posted sales of more than Euro 42.7 billion. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF) and Zurich (AN). Further information on BASF is available on the Internet at http://www.basf.com .
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate.
Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. Such factors include those discussed in BASF's most recent Form 20-F filed with the SEC.
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ots Originaltext: BASF Aktiengesellschaft
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