BASF Hoarding Escrow Fund After $1B Deal, Suit Says

Law360, Wilmington (December 5, 2013, 3:01 PM EST) -- Private equity firm Norwest Equity Partners filed a lawsuit late Wednesday in Delaware Chancery Court claiming that BASF Corp. is trying to block the release of $77 million in escrowed funds from the $1 billion purchase of an agricultural technology firm by making “bogus” tax and other claims.

The money held over from the deal in escrow was meant to cover indemnification claims that might arise after the chemical giant bought Becker Underwood from Norwest, and the parties had purportedly agreed to have a mutually selected...
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