EC approves BASF’s acquisition of Cognis

The European Commission (EC) and the Chinese authorities have approved the acquisition of Cognis Holding GmbH by BASF SE. Closing of the transaction is expected in the first half of December. BASF has committed to the European Commission to divest the following businesses and assets located at Cognis’ site in Hythe, England: the Cognis hydroxy methacrylates business, the Cognis multifunctional methacrylates (MFM) and adducts business, and plants for the manufacture of polyalkylene glycols (PAG) and PAG-based lubricants. BASF will retain the business including the customer base and intellectual property rights and will receive PAG and PAG-based lubricants manufactured at Hythe through a toll manufacturing agreement. BASF will grant a license for the manufacture of these products to the purchaser of the plants. (November 30, 2010)