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 "Siegfried will reach the critical size to play a leading role in
the supplier market as a recognized partner for the pharmaceutical
industry," said Siegfried Chief Executive Rudolf Hanko.
Siegfried said financing of the transaction was secured by a
syndicate of Swiss banks and there were no plans for a capital
increase. It plans to issue a hybrid bond for partial refinancing
after completion of the deal.
BASF said on Thursday the move was part of a strategy to focus its
pharmaceutical ingredients business on excipients, which are
auxiliary pharmaceutical ingredients that help the body to better
absorb a drug.
BASF will keep selected active ingredients such as ibuprofen,
omega-3 fatty acids and polyethylene glycol (PEG), where the company
has a leading market position.
(Reporting by Ludwig Burger; Editing by Hugh Lawson)
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