Exchange - BASF SE Offers To Buy 20% Equity In Ciba India

German chemicals company BASF SE (BAS.XE) is making an open offer to buy 20% equity shares in Ciba India Ltd. (532184.BY) from shareholders at INR237.13 per share, the Bombay Stock Exchange said Saturday. Ciba India is a subsidiary of chemical manufacturer Ciba Holding AG (CIBN.VX). Ciba Holding holds 69.28% of the equity shares of Ciba India.

BASF's open offer to shareholders of Ciba India follows its global acquisition of Ciba Holding. As per local stock exchange rules, BASF has to buy additional 20% equity shares from shareholders of Ciba India because the global buy indicates an indirect acquisition of the Indian unit. BASF holds 95.8% of Ciba Holding shares. Ciba India in a note to the Bombay Stock Exchange said that JM Financial Consultants Pvt Ltd. will be managers of the offer on behalf of BASF. This offer will open on June 4 and close on June 23, 2009.

Source :online.wsj.com/article/BT-CO-20090411-700176.html