Engineering News

BASF says Engelhard now wholly owned subsidiary
Mon Jun 12, 2006 6:11am ET

FRANKFURT, June 12 (Reuters) - Germany's BASF, the world's top chemicals company by sales, has completed the acquisition of U.S. peer Engelhard, BASF said on Monday.

As a result of the transaction, Engelhard is a wholly owned subsidiary of BASF and its shares no longer trade on the New York Stock Exchange, BASF added.

"Together with the Engelhard team we have started the integration process," BASF Chief Executive Juergen Hambrecht said in a statement. BASF offered $39 per share for the U.S. catalyst maker, valuing Engelhard at over $5 billion.

Source: Reuters

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