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LUDWIGSHAFEN, Germany, Feb. 23 /PRNewswire-FirstCall/ -- BASF Aktiengesellschaft (Frankfurt: BAS, NYSE: BF [ADR], LSE: BFA, SWX: AN) today announced that it has received clearance from the European Commission regarding BASF's proposed acquisition of all of the issued and outstanding shares of common stock of Engelhard Corporation (NYSE:EC).
BASF is now free under both European Union and U.S. antitrust laws to proceed with its proposed acquisition of Engelhard. On February 6, 2006, the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to BASF's tender offer for Engelhard expired.
BASF has also made the regulatory filings required under a number of other jurisdictions necessary for the consummation of its tender offer and the company currently anticipates that the necessary approvals will be obtained, and the related regulatory conditions to its tender offer will be satisfied within the next month.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. As a reliable partner to virtually all industries, BASF's intelligent system solutions and high-value products help its customers to be more successful. BASF develops new technologies and uses them to open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. In 2005, BASF had approximately 81,000 employees and posted sales of more than euro 42.7 billion. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF) and Zurich (AN). Further information on BASF is available on the Internet at http://www.basf.com/.
BASF currently intends to solicit proxies for use at Engelhard's 2006 annual meeting of stockholders, or at any adjournment or postponement thereof, to vote in favor of BASF's nominees identified in the preliminary proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC"), and to vote on any other matters that shall be voted upon at Engelhard's 2006 annual meeting of stockholders. On February 1, 2006, BASF filed a preliminary proxy statement on Schedule 14A with the SEC in connection with this solicitation of proxies. All Engelhard stockholders are strongly encouraged to read the preliminary proxy statement and the definitive proxy statement when it is available, because they will contain important information. Engelhard stockholders may obtain copies of the preliminary proxy statement and related materials for free at the SEC's website at http://www.sec.gov/.
The identity of people who, under SEC rules, may be considered "participants in a solicitation" of proxies from Engelhard stockholders for use at Engelhard's 2006 annual meeting of stockholders and a description of their direct and indirect interests in the solicitation, by security holdings or otherwise, are contained in the preliminary proxy statement on Schedule 14A that BASF filed with the SEC on February 1, 2006.
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities of Engelhard Corporation. Any offers to purchase or solicitation of offers to sell will be made only pursuant to the tender offer statement (including the offer to purchase, the letter of transmittal and other offer documents) which was filed with the SEC on January 9, 2006. Engelhard stockholders are advised to read these documents and any other documents relating to the tender offer that are filed with the SEC carefully and in their entirety because they contain important information. Engelhard stockholders may obtain copies of these documents for free at the SEC's website at http://www.sec.gov/ or by calling Innisfree M&A Incorporated, the Information Agent for the offer, at +1 877 750 5837 (Toll Free from the U.S. and Canada) or 00800 7710 9971 (Toll Free from Europe).
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate.
Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. Such factors include those discussed in BASF's Form 20-F filed with the SEC.
Michael Grabicki
Phone: +49 621 60-99938
Cell: +49 172 749 18 91
Fax: +49 621 60-92693
US media contact:
Timothy Andree
Phone: 973 245-6078
Cell: 973 519-5195
Fax: 973 245-6715
Analysts/Investors contact:
Magdalena Moll
Phone: +49 621 60-48002
Fax: +49 621 60-22500
BASF Aktiengesellschaft
67056 Ludwigshafen, Germany
Phone: +49 621 60-0
http://www.basf.com/
Corporate Media Relations
Phone: +49 621 60-20710
Fax: +49 621 60-92693
First Call Analyst:
FCMN Contact: egonda@brunswickgroup.com
DATASOURCE: BASF Aktiengesellschaft
CONTACT: Michael Grabicki, +49-621-60-99938, Cell: +49-172-749-18-91,
Fax: +49 621 60-92693, ; US media contact - Timothy
Andree, +1-973-245-6078, Cell: +1-973-519-5195, Fax: +1-973-245-6715,
; Analysts/Investors contact - Magdalena Moll, +49 621 60-
48002, Fax: +49 621 60-22500, ; BASF
Aktiengesellschaft, +49 621 60-0, Corporate Media Relations, +49 621 60-20710,
Fax: +49 621 60-92693,
Web site: http://www.basf.com/