Jones Lang LaSalle


BASF gets 89% of Engelhard shares

FRANKFURT, Germany (AP) -- BASF said Tuesday that it has received 89 percent of Engelhard Corp.'s outstanding shares and its $5 billion takeover of the company is moving forward.

The company said about 110.5 million shares had been tendered by Monday.
Woodbridge-based Engelhard agreed to the takeover offer by BASF on May 30 after the German company sweetened its offer to $39 a share from the initial $37 it offered when it began the bid in January.

Engelhard's managers had rejected the original price per share as too low.

Germany-based BASF, which has its North American headquarters in Florham Park, said it would use the deal to create a global player in chemical products such as pigments and catalysts. Engelhard pigments are used to give color to products such as autos, plastics, paper and ink. Its catalysts are used to further chemical reactions in making a broad range of products, including petroleum and detergent.

"This is a special day for both BASF and Engelhard," BASF chairman Jurgen Hambrecht said.
He said that by combining the two companies, BASF will "expand into other growth markets, such as specialty pigments. This will allow us to further strengthen BASF's profitable growth."
BASF extended its offer for Engelhard shares until Thursday.

The company, which produces chemicals, plastics, crude oil and natural gas, employs 81,000 workers worldwide and last year posted sales of more than $55.3 billion.

Shares of BASF fell 0.9 percent to close at 62.16 euros ($80.47) in Frankfurt trading. Engelhard shares rose 3 cents to close at $38.97 Tuesday on the New York Stock Exchange.
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