BASF India shareholders okay amalgamation with Ciba Group

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BASF India shareholders okay amalgamation with Ciba Group

BS Reporter / Mumbai 18 Dec 09 | 02:05 PM

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BASF India, announced that its shareholders had approved the scheme of amalgamation with Ciba group companies in India with BASF India.

BASF announced its plans to merge the three Indian Ciba companies-- Ciba India, Ciba Research (India) and Diamond Dye-Chem with BASF India, on September 12, 2009.

The merger proposal including the share-swap ratio was approved by the Board of Directors of the respective companies on the same date. Accordingly, equity shareholders of Ciba India and Ciba Research (India) will receive shares in BASF India.

The merger is expected to take effect as of February 1, 2010, the appointed date for the merger.