BASF to Acquire Catalyst-Maker Engelhard for More Than $5 Billion
31 May 2006
BASF Aktiengesellschaft reached an agreement with Engelhard that paves the way for BASF’s acquisition of the US catalyst maker. According to the agreement, Engelhard will recommend that Engelhard shareholders tender their shares to BASF in exchange for $39 per share in cash and will withdraw its $45 per share self-tender offer for approximately 20% of the company’s shares.
With those terms, the acquisition would be worth more than $5 billion—the largest acquisition in BASF’s history.
The two companies had been jockeying for five months, with Engelhard rejecting two prior offers, one for $37 a share in January, and the second for $38.
Engelhard pioneered the development of the first catalytic converters for automobiles. Engelhard environmental catalysts are also used today to minimize emissions for new buses and trucks and retrofitting diesel vehicles in North America , Europe , and other areas. They are also used for motorcycle and mopeds.
Among Engelhard’s recent product introductions is a new platinum/palladium diesel oxidation catalyst (DOC) technology that allows automakers to meet Euro IV emission regulations and also reduce their precious-metal costs. (Earlier post.)
Are they Engelhard or Englehard? You use both several times.
Posted by: LochDhu | 31 May 2006 at 11:10 AM
Engelhard. corrected.
Posted by: Mike | 31 May 2006 at 11:44 AM