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Integration Begins for BASF
Posted: June 14, 2006
Almost six months have gone by since BASF AG first announced its interest in acquiring Engelhard Corporation, but the takeover is finally finished. BASF has announced that it has completed the US$5 billion acquisition of Engelhard Corp. and has now embarked upon integrating it.
In January 2006, BASF made its first bid for Engelhard, offering US$37 a share, which Engelhard's managers promptly turned down. Five months later on May 30, 2006, BASF increased the bid to US$39 a share and Engelhard bit. BASF will reportedly use the aquisition to secure its place as a global leader in pigments and catalysts.