BASF Acquires Ciba Holding AG, Announces Management Changes
April 16, 2009
LUDWIGSHAFEN, Germany – BASF has successfully completed its acquisition of Ciba Holding AG. The company now holds 95.8 percent of Ciba shares. BASF intends to fully integrate Ciba into the BASF Group.
BASF Board member Hans-Ulrich Engel has become Chairman of Ciba’s Board of Directors, the company’s senior supervisory body. Further members of this body are Hans-Walther Reiners and Jörg Buchmüller. All previous members of Ciba’s Board of Directors have resigned.
Michael Heinz from BASF has been appointed the new Chief Executive Officer of Ciba. In addition to his role as CEO, Heinz will continue with his responsibilities for the integration of Ciba into BASF. Brendan Cummins is stepping down from his role as CEO and will remain at Ciba in an advisory capacity for the next few months.
Hans-Juergen Seeger, currently Managing Director of BASF Services Europe GmbH, has been appointed Chief Financial Officer of Ciba, taking over from Niklaus Meier who had been the ad interim CFO.