LUDWIGSHAFEN, Germany (March 16, 2009)—The European Commission has approved BASF S.E.'s purchase of specialty chemicals producer Ciba Holding A.G. for about $2.9 billion.
BASF agreed to sell some product lines, plants and product licenses to move ahead on the deal.
A decision form the U.S. Federal Trade Commission is pending, but BASF said it is confident it will win approval soon.
In the polyurethanes business, Ciba supplies various protective additives from its significant plastics additives unit. BASF has a major polyurethanes business supplying the basic raw materials of isocyanates and polyols as well as formulated systems and specialties such as thermoplastic polyurethanes and PU elastomer parts.