EU clears BASF takeover of Ciba
(BRUSSELS) - The European Commission on Thursday approved BASF's takeover of Swiss group Ciba after the German chemical group agreed to sell some product lines to avoid competition problems.
The products to be sold off for regulatory approval cover chemicals used in the paper, dyestuffs, plastics and skin care sectors, the commission said in a statement.
"I am satisfied that the divestments offered by BASF will ensure that its takeover of Ciba will not harm competition," said EU Competition Commissioner Neelie Kroes.
BASF bought Ciba last year to boost activities in niche markets such as coverings, water treatment and products used in paper manufacturing.
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