Clifford Chance Reps BASF In €3.1B Cognis Purchase

Law360, New York (June 23, 2010, 4:51 PM EDT) -- BASF SE agreed Wednesday to buy specialty chemicals manufacturer Cognis Holding Luxembourg Sarl in a €3.1 billion ($3.8 billion) deal that calls for the German chemical giant to take on much of Cognis' debt and pension obligations.

Under the terms of the deal, BASF will pay €700 million to take control of Cognis from Permira Funds, Goldman Sachs Group Inc.'s GS Capital Partners and SV Life Sciences LLP. The €3.1 billion value for the deal includes the debt and pension amounts.

Jurgen Hambrecht, chairman of BASF's...
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