Mumbai, (ANTARA News/PRNewswire-AsiaNet) - BASF SE today announced that it intends to raise its shareholding in BASF India Ltd. from currently 52.69 per cent to a maximum of 75 per cent through a public tender offer to BASF India Ltd.'s public shareholders.
BASF SE's offer is INR274 per share in cash or INR1,723 million in total.
This price represents a premium of 22 per cent above the average daily high and low price during the two weeks preceding this announcement and a premium of 16 per cent above the minimum price of INR236.70 directed by the Securities and Exchange Board of India (SEBI).
The public announcement of the offer was made on May 15, 2008 and BASF SE will file the draft Letter of Offer with SEBI shortly.
According to the public announcement, the offer will begin on July 9, 2008 and shareholders have until July 28, 2008 to tender their stock.
The offer schedule, however, is subject to change depending on the time taken for SEBI's regulatory process.
BASF plans to extend its market position in the growing Indian chemical sector.
To this extent, a larger shareholding in BASF India Ltd. will support its efforts in developing the businesses effectively.
BASF India Ltd. is traded on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
BASF India Ltd. posted sales of INR10,569 million in its business year ended March 31, 2008. The main chemical markets for BASF in India are agrochemicals, plastics, leather, coatings and textile chemicals.
About BASF
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful.
With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost 58 billion euros in 2007.
Further information on BASF is available on the Internet at www.basf.com
Michael Grabicki
Corporate Media Relations
Phone: +49 621 60-99938
Fax: +49 621 60-92693
michael.grabicki@basf.com
Anke Schmidt
Communications Asia Pacific
Phone: +49 852 2731-3764
Fax: +49 852 2731-5645
anke.schmidt@basf.com
SOURCE: BASF SE
CONTACT: Michael Grabicki,
Corporate Media Relations,
+49 621 60-99938,
Fax: +49 621 60-92693,
michael.grabicki@basf.com,
Anke Schmidt,
Communications Asia Pacific,
+49 852 2731-3764,
Fax: +49 852 2731-5645,
anke.schmidt@basf.com,
both of BASF
Web site: http://www.basf.com
BASF SE's offer is INR274 per share in cash or INR1,723 million in total.
This price represents a premium of 22 per cent above the average daily high and low price during the two weeks preceding this announcement and a premium of 16 per cent above the minimum price of INR236.70 directed by the Securities and Exchange Board of India (SEBI).
The public announcement of the offer was made on May 15, 2008 and BASF SE will file the draft Letter of Offer with SEBI shortly.
According to the public announcement, the offer will begin on July 9, 2008 and shareholders have until July 28, 2008 to tender their stock.
The offer schedule, however, is subject to change depending on the time taken for SEBI's regulatory process.
BASF plans to extend its market position in the growing Indian chemical sector.
To this extent, a larger shareholding in BASF India Ltd. will support its efforts in developing the businesses effectively.
BASF India Ltd. is traded on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
BASF India Ltd. posted sales of INR10,569 million in its business year ended March 31, 2008. The main chemical markets for BASF in India are agrochemicals, plastics, leather, coatings and textile chemicals.
About BASF
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from oil and gas to chemicals, plastics, performance products, agricultural products and fine chemicals. As a reliable partner BASF helps its customers in virtually all industries to be more successful.
With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF has more than 95,000 employees and posted sales of almost 58 billion euros in 2007.
Further information on BASF is available on the Internet at www.basf.com
Michael Grabicki
Corporate Media Relations
Phone: +49 621 60-99938
Fax: +49 621 60-92693
michael.grabicki@basf.com
Anke Schmidt
Communications Asia Pacific
Phone: +49 852 2731-3764
Fax: +49 852 2731-5645
anke.schmidt@basf.com
SOURCE: BASF SE
CONTACT: Michael Grabicki,
Corporate Media Relations,
+49 621 60-99938,
Fax: +49 621 60-92693,
michael.grabicki@basf.com,
Anke Schmidt,
Communications Asia Pacific,
+49 852 2731-3764,
Fax: +49 852 2731-5645,
anke.schmidt@basf.com,
both of BASF
Web site: http://www.basf.com
COPYRIGHT © 2008
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