Engelhard agrees to merger with BASF.

Engelhard Corporation, Iselin, NJ, has announced that it has entered into a definitive merger agreement with BASE Under the agreement, BASF has acquired all outstanding Engelhard shares at $39 per share, which equals approximately $5 billion, and has also assumed the company's debt. This brings the total value of the merger to $5.6 billion. Engelhard refused two previous takeover bids but agreed to this "last, best, and final" offer from BASF. Engelhard's Board of Directors has unanimously approved the merger agreement and has recommended that all Englehard shareholders tender their shares into BASF's tender offer.

"With the acquisition of the majority of the shares and the expected closing of our transaction shortly, BASF can now begin with the integration in order to create a leading provider worldwide in the dynamically growing catalyst market. By combining the businesses, BASF will also expand into other growth markets, such as specialty pigments. This will allow us to further strengthen BASF's profitable growth," said Dr. Jurgen Hambrecht, Chairman of the Board of Executive Directors of BASF Aktiengesellschaft.