BASF, the world's biggest chemicals company, yesterday continued its acquisition drive with an agreed offer to buy Switzerland's ailing Ciba for SFr3.4bn ($3.04bn).
Ciba, which had sales of SFr6.52bn and 13,000 employees last year, is one of the most famous names in Swiss industry and a cornerstone of its home town Basel. But while prized for its expertise and patents, the company has been on a downward spiral for some years.
Problems reached a head last month, when Ciba reported a second-quarter loss of SFr606m after a SFr595m impairment charge on its water and paper treatment division.
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