BASF to acquire Cognis
June 23, 2010
LUDWIGSHAFEN, GERMANY — BASF SE has reached an agreement with Cognis Holding Luxembourg to acquire Cognis for €700 million ($859 million). The transaction is expected to close in November.
“With the acquisition of Cognis, we are strengthening our portfolio with cyclically robust and profitable businesses and further expanding our position as the world’s leading chemical company,” said Jurgen Hambrecht, chairman of the board of executive directors of BASF.
Cognis is a worldwide supplier of innovative solutions and products based on renewable raw materials for the health and nutrition market.
“With the support of our owners Permira Funds and CS Capital Partners, we have become a leading innovative supplier of specialty chemicals,” said Antonio Trius, chief executive officer of Cognis. “In particular, our focus on wellness and sustainability and our expertise in renewable raw-material based products have been our main success factors. We are convinced that there are excellent opportunities through combining the strengths of Cognis and BASF.”
When considering net financial debt and pensions, the enterprise value of the transaction is €3.1 billion.