BASF Receives European Anti-Trust Clearance for Proposed Engelhard Acquisition
Thursday February 23, 12:01 pm ET
LUDWIGSHAFEN, Germany, Feb. 23 /PRNewswire-FirstCall/ -- BASF Aktiengesellschaft (Frankfurt: BAS, NYSE: BF [ADR], LSE: BFA, SWX: AN) today announced that it has received clearance from the European Commission regarding BASF's proposed acquisition of all of the issued and outstanding shares of common stock of Engelhard Corporation.
BASF is now free under both European Union and U.S. antitrust laws to proceed with its proposed acquisition of Engelhard. On February 6, 2006, the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to BASF's tender offer for Engelhard expired.
BASF has also made the regulatory filings required under a number of other jurisdictions necessary for the consummation of its tender offer and the company currently anticipates that the necessary approvals will be obtained, and the related regulatory conditions to its tender offer will be satisfied within the next month.
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 www.basf.com.
BASF currently intends to solicit proxies for use at Engelhard's 2006 annual meeting of stockholders, or at any adjournment or postponement thereof, to vote in favor of BASF's nominees identified in the preliminary proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC"), and to vote on any other matters that shall be voted upon at Engelhard's 2006 annual meeting of stockholders. On February 1, 2006, BASF filed a preliminary proxy statement on Schedule 14A with the SEC in connection with this solicitation of proxies. All Engelhard stockholders are strongly encouraged to read the preliminary proxy statement and the definitive proxy statement when it is available, because they will contain important information. Engelhard stockholders may obtain copies of the preliminary proxy statement and related materials for free at the SEC's website at www.sec.gov.
The identity of people who, under SEC rules, may be considered "participants in a solicitation" of proxies from Engelhard stockholders for use at Engelhard's 2006 annual meeting of stockholders and a description of their direct and indirect interests in the solicitation, by security holdings or otherwise, are contained in the preliminary proxy statement on Schedule 14A that BASF filed with the SEC on February 1, 2006.
Source: BASF Aktiengesellschaft
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