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April 2009

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Company News

Completion of formalities for acquisitions
While Dow Chemical has completed its acquisition of Rohm & Haas, BASF expects to complete its purchase of Ciba to be through by this month.

To meet the European Commission requirements, in the purchase of Ciba by BASF, Ciba’s Chimassorb 119FL hindered amine light stabiliser business will be sold to Sabo of Italy. Ciba and BASF were required to dispose of the HALS business to overcome competition concerns. Located in Bergamo, Sabo is a specialist in light stabilisers for polymers. The sale covers the customer list and intellectual property and depends on BASF’s acquisition of Ciba, which is due to be settled by 9 April.

Meanwhile, upon having closed its US$16.5 billion buy out of Rohm & Haas, Dow immediately disposed of Rohm’s Morton Salt division to German fertiliser maker K+S for US$1.7 billion, to reduce the debt it incurred in the purchase of Rohm. The latter will be integrated with Dow’s new advanced materials division, which will include coatings, construction, speciality materials, functional polymers and electronic materials. The new division is expected to offer Dow an additional US$3 billion in growth opportunities and annual savings of US$1.3 billion through synergistic activities.

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