BASF unveils purchase of Cognis for 3.1 billion euros

23rd June 2010, Comments 0 comments

The German chemical giant BASF said on Wednesday that it will buy the German specialist chemical company Cognis in a deal worth 3.1 billion euros (3.8 billion dollars).

BASF said it had agreed terms of a sale with the owners of Cognis, the investment fund Permira and US investment bank Goldman Sachs.

The deal is based on "an equity purchase price of 700 million euros," a statement said.

"Including net financial debt and pension obligations, the enterprise value of the transaction is 3.1 billion euros."

BASF chairman Juergen Hambrecht said that the acquisition meant his group was "further expanding our position as the world's leading chemical company."

Cognis produces chemicals used in a wide range of products, from cosmetics to adhesives and lubricants.

It has 5,500 employees and posted sales last year of 2.6 billion euros.

© 2010 AFP

0 Comments To This Article