Chiral Quest takes a surprising turn

• Book ID: 104386186
• Publisher: Elsevier Science
• Year: 2006
• Weight: 46 KB
• Volume: 2006
• Category: Article
• ISSN: 1351-4180
• DOI: 10.1016/s1351-4180(06)71541-0

✦ Synopsis

BASF steps closer to Engelhard deal: reports record profits for 2005

BASF is studying a draft of a confidentiality agreement drawn up by Engelhard. Signing the agreement would allow BASF to clearly examine Engelhard's financial data, but also require the company to undertake not to make a hostile bid for Engelhard. BASF, which has so far been hostile in its approach, is undecided whether to sign the confidentiality agreement or not. It may also raise its offer for Engelhard from the current $37/share. BASF's Ebitda climbed 7%, to €8.2 bn ($9.8 bn), on sales up 14%, to €42.7 bn. Ebitda for 4Q 2005 was flat at €1.6 bn, on sales up 16% to €11.7 bn. Ebit from North American operations rose threefold, to €855 M, on sales up 17%, to €9.5 bn. The company intends to save another $150 M/y with a new regional efficiency project due for completion in mid-2007.