Manufacturing Industry
CLARIANT, CIBA CALL OFF MERGER.
Plastics News, December, 1998 by Esposito, Frank
Cold feet have stopped a hot merger between Swiss chemical giants Clariant AG and Ciba Specialty Chemicals AG. The firms called the deal off Dec. 9. They issued identical news releases citing "commercial, financial, legal and regulatory risks and constraints" as reasons for ending merger negotiations.
Each company's board of directors determined those risks would have undermined benefits of the planned merger, which was announced exactly one month earlier. The risks were determined during "a period of extensive due diligence," the firms said. Each board determined it was best to remain independent at this time, but said merger negotiations were "constructive and open." Clariant spokesman Karl Hans Koenig said the companies had not begun formal merger...
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