Ciba Specialty Chemicals ends merger talks with Clariant.BASEL, Switzerland/TARRYTOWN, N.Y.--(BUSINESS WIRE)--Dec. 9, 1998-- Ciba Specialty Chemicals “Ciba” redirects here. For the pre-1971 company, see Novartis. Ciba Specialty Chemicals is a chemical company based in and near Basel, Switzerland. It was formed as the non-pharmaceuticals elements of Novartis were spun out in 1997, following the merger in the Inc (SWX SWX Swiss Exchange (trademark of SWX Swiss Exchange) SWX SolidWorks (3D solid modeling CAD software) SWX Splitter / Wave Division Multiplexer :CIBN) announced today that its Board of Directors has decided not to approve the proposed merger agreement with Clariant AG. Negotiations to merge with Clariant have been terminated. The decision of the Board follows a period of extensive due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. which revealed commercial, financial, legal and regulatory risks and constraints in executing the planned transaction and which would affect the future merged company. The Board considered the risks to be so significant as to undermine the future benefits and synergies as stated as part of the rationale for the planned merger, which was announced 9 November 1998. The Board of Directors of Ciba Specialty Chemicals is convinced that under these circumstances, it is in the interests of Ciba's shareholders that the company remains independent. The Board regrets having to terminate the planned merger after a period of constructive and open negotiations. Both Ciba Specialty Chemicals and Clariant have agreed not to disclose confidential information Noun 1. confidential information - an indication of potential opportunity; "he got a tip on the stock market"; "a good lead for a job" steer, tip, wind, hint, lead . There will be no further announcements on this matter. Ciba Specialty Chemicals (SWX:CIBN) is one of the world's leading developers and producers of specialty chemicals and operates on a global basis with sales in 117 countries and manufacturing facilities in 29 countries. As a specialty chemicals company, Ciba's businesses produce high-value effects that transform our customer's products. The 1997 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma sales (including Water Treatments) would have been CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 9 billion. In 1997, CHF 302 million was spent on R&D to foster innovation across the group. |
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