BASF makes bid for Ciba.

BASF has announced a public tender offer for all outstanding shares of Ciba Holding AG at $44.68 per Ciba share. The offer equates to a premium of 64.3% over the volume-weighted average price of Ciba shares over the last 60 trading days and a premium of 32% over the dosing share price on Sept. 12. Ciba's board recommends that shareholders accept BASF's offer and tender their Ciba shares.

According to the companies, Ciba strengthens BASF's strategy and operations in the field of specialized chemical engineering through its leading innovation capabilities and application expertise in plastics additives, coating effects and water and paper treatment.

Ciba would benefit from BASF's global research, production and marketing platform, as well as the associated backward integration into important raw materials and intermediates. The two companies already maintain long-standing and extensive supplier and client relationships.