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BASEL — Shareholders of Swiss specialty chemicals maker Ciba Holding approved a series of rules changes at the company Tuesday that pave the way for a takeover by rival BASF SE.
The extraordinary general meeting amended the company's rules on share registration and proxy voting. Three new board members proposed by BASF were also approved.
The German company is offering Ciba shareholders 50 Swiss francs ($41) per share, valuing the deal at 6.1 billion Swiss francs ($5.1 million).
Ciba's stock stood at 48.78 francs ($40.46) on Tuesday.
The takeover, which is expected to be completed in the first quarter of 2009, still requires regulatory approval.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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