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BASF adds Cognis to portfolio for €700m
BASF SE has reached an agreement with Cognis Holding Luxembourg (controlled by Permira Funds, GS Capital Partners and SV Life Sciences) to acquire the specialty chemicals company Cognis for an equity purchase price of €700m.
Including net financial debt and pension obligations, the enterprise value of the transaction is €3.1bn. The acquisition is subject to clearance by the competent merger control authorities. Closing of the transaction is expected for November 2010 at the latest.
“With the acquisition of Cognis, we’re strengthening our portfolio with cyclically robust and profitable businesses, and further expanding our position as the world’s leading chemical company,” said Dr Jürgen Hambrecht, chairman of the board of executive directors of BASF SE.
Source: BASF
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