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BRUSSELS, March 12 (Reuters) - EU competition authorities cleared on Thursday German chemicals group BASF’s BASF.DE 3.4 billion Swiss franc ($2.9 billion) acquisition of Swiss rival Ciba CIBN.VX after BASF offered to sell some assets.
“I am satisfied that the divestments offered by BASF will ensure that its takeover of Ciba will not harm competition in markets for a range of chemicals used in consumer goods such as skin care products, paper and plastics,” EU Competition Commissioner Neelie Kroes said in a statement.
BASF, the world’s largest chemical company by sales, launched an agreed cash offer of 50 francs per Ciba share, aiming to boost its position in the specialty chemicals business.
To resolve competition concerns, BASF offered to sell some of its activities in the paper, dyestuffs, plastics and skin care sectors.
To see the European Commission statement, click here/09/396 (Reporting by Foo Yun Chee, editing by Dale Hudson)