BASF SE http://www.alacrastore.com/company-snapshot/BASF_SE-1001514 Monday, October 13, 2008 12:03:20 PM 1001514 BASF SE en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/74993cs/74993norm Ethylene: Can You See The Real Me? Hurricanes Gustav and Ike temporarily short-circuited ##% of the ethylene capacity in the month of September and provided a short-term cash margin boost to producers lucky enough to have missed the...18241471174114248148corp/reportshy39542High Yield10/7/2008 10:06:00 PM150While Gustav/Ike helped tighten fundamentals, the hurricanes did not staunch the inherent challenges-deceleration in demand and increasing low-cost capacity additions-facing the industry, but merely camouflaging them in the near-term.749931284YesD0Article1119881101521491877583151166779651615016669761369134674993Credit & Investment ResearchCreditSightsUS - PPG Industries Inc agreed to acquire the North American coil and extrusion coatings business of BASF Corp, a manufacturer of chemical intermediates, and a unit of BASF SE. Terms were not disclosed.9/26/2008 12:34:54 PM69350606232X693506055262PPG Industries IncBASF Corp-North American Coil & Extrusion Coatings BusinessPPG Industries IncBASF SEhttp://www.alacrastore.com/storecontent/Thomson_M%26A/PPG_Industries_Inc_acquires_BASF_Corp_North_American_Coil_from_BASF_SE-2015015020sdc/20150150202015015020Copyright © 2008, Thomson Financial, All Rights ReservedNew YorkChemicals and Allied ProductsUnited StatesPaints, varnishes, lacquers, & allied products2851PAPennsylvaniaPublicPPG2812:Alkalies and chlorine2821:Plastics materials and synthetic resins2851:Paints, varnishes, lacquers, & allied products3211:Flat glass2812:Alkalies and chlorine2821:Plastics materials and synthetic resins2851:Paints, varnishes, lacquers, & allied products3211:Flat glassChemicals and Allied ProductsUnited StatesIndustrial organic chemicals, nec2869ALAlabamaSubsidiary4640001Mnfr paint,coating prodsMnfr chem prodUnspecifiedAssets1042930001Sep 26 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.00000PPG Industries Inc,headquartered in Pittsburgh,Pennsylvania, manufacturespaint and coating productsincluding glass, fiber glasschemicals, photochromicophthalmic lenses, opticalmonomers, silicas and finechemicals, inorganic pigments,plastics materials, resins,alkalies, chlorine, coatings,printing ink, and automobileparts and accessories. Thecompany has facilities andequity affiliates inArgentina, Australia, Brazil,Canada, China, England,France, Germany, India,Ireland, Italy, Japan,Malaysia, Mexico, theNetherlands, the Philippines,South Korea, Spain,Switzerland, Taiwan, Thailand,Turkey, the US, and Venezuela.The company was founded in1883.PPG Industries Inc, headquartered in Pittsburgh,Pennsylvania, manufactures paint and coating productsincluding glass, fiber glass chemicals, photochromicophthalmic lenses, optical monomers, silicas and finechemicals, inorganic pigments, plastics materials, resins,alkalies, chlorine, coatings, printing ink, and automobileparts and accessories. The company has facilities and equityaffiliates in Argentina, Australia, Brazil, Canada, China,England, France, Germany, India, Ireland, Italy, Japan,Malaysia, Mexico, the Netherlands, the Philippines, SouthKorea, Spain, Switzerland, Taiwan, Thailand, Turkey, the US,and Venezuela. The company was founded in 1883.PPG Industries Inc, headquartered in Pittsburgh, Pennsylvania, manufactures paint and coating products including glass, fiber glass chemicals, photochromic ophthalmic lenses, optical monomers, silicas and fine chemicals, inorganic pigments, plastics materials, resins, alkalies, chlorine, coatings, printing ink, and automobile parts and accessories. The company has facilities and equity affiliates in Argentina, Australia, Brazil, Canada, China, England, France, Germany, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, the Philippines, South Korea, Spain, Switzerland, Taiwan, Thailand, Turkey, the US, and Venezuela. The company was founded in 1883.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.00000North American coil andextrusion coatings business ofBASF Corp, a manufacturer ofchemical intermediates. It hasmanufacturing sites inDecatur, Alabama, Monterrey,Mexico, as well as aproduction line in Belvidere,New Jersey. It serves theconstruction, appliance,transportation, heating,ventilation and airconditioning, lightingfixture, and extrusionindustries.North American coil and extrusion coatings business of BASFCorp, a manufacturer of chemical intermediates. It hasmanufacturing sites in Decatur, Alabama, Monterrey, Mexico,as well as a production line in Belvidere, New Jersey. Itserves the construction, appliance, transportation, heating,ventilation and air conditioning, lighting fixture, andextrusion industries.North American coil and extrusion coatings business of BASF Corp, a manufacturer of chemical intermediates. It has manufacturing sites in Decatur, Alabama, Monterrey, Mexico, as well as a production line in Belvidere, New Jersey. It serves the construction, appliance, transportation, heating, ventilation and air conditioning, lighting fixture, and extrusion industries.0.000000.000000.000000.00000N25 Sep 08Thu, 25 Sep 2008 00:00:00 ESTDate Announced: 09/25/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000US - PPG Industries Inc agreedto acquire the North Americancoil and extrusion coatingsbusiness of BASF Corp, amanufacturer of chemicalintermediates, and a unit ofBASF SE. Terms were notdisclosed.US - PPG Industries Inc agreed to acquire the North American coil and extrusion coatings business of BASF Corp, a manufacturer of chemical intermediates, and a unit of BASF SE. Terms were not disclosed.US - PPG Industries Inc agreed to acquire the North American coil and extrusion coatingsbusiness of BASF Corp, a manufacturer of chemical intermediates, and a unit of BASF SE.Terms were not disclosed.US - PPG Industries Inc agreed to acquire the North American coil and extrusion coatings business of BASF Corp, a manufacturer of chemical intermediates, and a unit of BASF SE. Terms were notdisclosed.US - PPG Industries Inc agreed to acquire the North American coil and extrusion coatings business of BASF Corp, a manufacturer ofchemical intermediates, and a unit of BASF SE. Terms were not disclosed.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2822:Synthetic rubber (vulcanizable elastomers)2824:Manmade organic fibers, except cellulosic2834:Pharmaceutical preparations2851:Paints, varnishes, lacquers, & allied products2865:Cyclic crudes and intermediates, and organic dyes2869:Industrial organic chemicals, nec2879:Pesticides and agricultural chemicals, nec2891:Adhesives and sealants2899:Chemicals and chemical preparations, nec3695:Magnetic and optical recording media4640001New YorkUnited States2851PennsylvaniaPublicPPG1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2671:Packaging paper & plastics film,coated & laminated2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2822:Synthetic rubber (vulcanizable elastomers)2834:Pharmaceutical preparations2851:Paints, varnishes, lacquers, & allied products2865:Cyclic crudes and intermediates, and organic dyes2869:Industrial organic chemicals, nec2879:Pesticides and agricultural chemicals, nec2891:Adhesives and sealants2899:Chemicals and chemical preparations, nec3081:Unsupported plastics film and sheet3083:Laminated plastics plate, sheet and profile shapes3089:Plastics products, nec3695:Magnetic and optical recording media7226002New YorkGermany2869ForeignPublicBF0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/436156_pr_framefitch/436156_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BASF SECiba Holding Inc.80360517833094809/18/2008 10:14:00 AM01000000010300000103110085Press ReleaseBASCIBN436156_pr_frameCredit & Investment ResearchFitch ResearchSWITZERLAND - BASF SE of Germany agreed to launch a tender offer to acquire the entire ordinary share capital of Ciba Specialty Chemicals Holding Inc, a Basel-based manufacturer, wholesaler and distributor of chemicals, for ## Swiss francs (##.### euros/$##.### US) in cash per share, or a total value of #.### bil francs (#.### bil euros/$#.### bil). The offer was conditioned upon at least ##.#% of shares being tendered. The transaction was subject to regulatory and shareholders' approvals.9/16/2008 1:12:05 PM05526217162W05526217162WBASF SECiba Specialty Chemicals Holding IncBASF SECiba Specialty Chemicals Holding Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/BASF_SE_acquires_Ciba_Specialty_Chemicals-2012097040sdc/20120970402012097040Copyright © 2008, Thomson Financial, All Rights ReservedNew YorkChemicals and Allied ProductsGermanyIndustrial organic chemicals, nec2869FFForeignPublicBF1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2671:Packaging paper & plastics film,coated & laminated2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2822:Synthetic rubber (vulcanizable elastomers)2834:Pharmaceutical preparations2851:Paints, varnishes, lacquers, & allied products2865:Cyclic crudes and intermediates, and organic dyes2869:Industrial organic chemicals, nec2879:Pesticides and agricultural chemicals, nec2891:Adhesives and sealants2899:Chemicals and chemical preparations, nec3081:Unsupported plastics film and sheet3083:Laminated plastics plate, sheet and profile shapes3089:Plastics products, nec3695:Magnetic and optical recording media1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2671:Packaging paper & plastics film,coated & laminated2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2822:Synthetic rubber (vulcanizable elastomers)2834:Pharmaceutical preparations2851:Paints, varnishes, lacquers, & allied products2865:Cyclic crudes and intermediates, and organic dyes2869:Industrial organic chemicals, nec2879:Pesticides and agricultural chemicals, nec2891:Adhesives and sealants2899:Chemicals and chemical preparations, nec3081:Unsupported plastics film and sheet3083:Laminated plastics plate, sheet and profile shapes3089:Plastics products, nec3695:Magnetic and optical recording mediaNew YorkChemicals and Allied ProductsSwitzerlandChemicals and chemical preparations, nec2899FFForeignPublicCSB7226002Mnfr chem prodMnfr,whl chemicalsCashCash OnlyOrdinary Share13912002Sep 16 200833.80400464.34200768.02500890.47800871.86500979.62400982.56300914.969002264.891000.694001.15400431.03500-6.72000-432.99400-383.033006174.57000902.234007597.96400EUR30 Jun 080.000007048.214000.0000095934.0150076447.16500EURO30 Jun 0831 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 030.980001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.0000031.0000032.0000033.0000034.00000BASF SE, headquartered inLudwigshafen, Germany,manufactures chemicals,plastics, agricultural andperformance products, andfunctional solutions. Thecompanys chemical productsinclude inorganic compounds,petrochemicals, trioxane andintermediates. BASF's plasticproducts include foams,styrenics, polyamide,polyutheranes andbiodegradable plastics. Thecompany also manufacturesacrylics, monomers, coatings,detergents, cosmeticingredients, crop protectionchemicals and pharmaceuticalsolutions. BASF's products areused in the automotive,packaging, housing andconstruction, health andnutrition, and agriculturalindustries. Through itsWintershall AG subsidiary,BASF also operates in the oiland gas sector. Some of thecompany's production sites arelocated in Germany, Belgium,USA, Malaysia, China, Japan,Mexico and Spain. BASF SEcommenced its operations in1865.BASF SE, headquartered in Ludwigshafen, Germany,manufactures chemicals, plastics, agricultural andperformance products, and functional solutions. The companyschemical products include inorganic compounds,petrochemicals, trioxane and intermediates. BASF's plasticproducts include foams, styrenics, polyamide, polyutheranesand biodegradable plastics. The company also manufacturesacrylics, monomers, coatings, detergents, cosmeticingredients, crop protection chemicals and pharmaceuticalsolutions. BASF's products are used in the automotive,packaging, housing and construction, health and nutrition,and agricultural industries. Through its Wintershall AGsubsidiary, BASF also operates in the oil and gas sector.Some of the company's production sites are located inGermany, Belgium, USA, Malaysia, China, Japan, Mexico andSpain. BASF SE commenced its operations in 1865.BASF SE, headquartered in Ludwigshafen, Germany, manufactures chemicals, plastics, agricultural and performance products, and functional solutions. The companys chemical products include inorganic compounds, petrochemicals, trioxane and intermediates. BASF's plastic products include foams, styrenics, polyamide, polyutheranes and biodegradable plastics. The company also manufactures acrylics, monomers, coatings, detergents, cosmetic ingredients, crop protection chemicals and pharmaceutical solutions. BASF's products are used in the automotive, packaging, housing and construction, health and nutrition, and agricultural industries. Through its Wintershall AG subsidiary, BASF also operates in the oil and gas sector. Some of the company's production sites are located in Germany, Belgium, USA, Malaysia, China, Japan, Mexico and Spain. BASF SE commenced its operations in 1865.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.0000031.0000032.0000033.0000034.00000Ciba Specialty ChemicalsHolding Inc, based in Basel,Switzerland, manufactures,wholesales and distributeschemicals that provide color,performance and care forplastics, coatings, textile,paper, home and personal careand other products. TheGroup's activities are carriedout through four segments:Plastic Additives, CoatingEffects, Water & PaperTreatment and Textile Effects.The Plastic Additives segmentdevelops, manufactures andmarkets products and providesservices to the plastic,rubber, adhesives lubricant,home and personal careindustries. The CoatingEffects segment manufacturesorganic pigments and suppliesphotoinitiators and lightstabilizers to the coatings,graphic arts and electronicindustries. The Water andPaper Treatment segment servesthe paper and water treatmentas well as the detergents andhygiene industries. Itoperates in Europe, Americasand Asia Pacific. The companywas founded in 1971.Ciba Specialty Chemicals Holding Inc, based in Basel,Switzerland, manufactures, wholesales and distributeschemicals that provide color, performance and care forplastics, coatings, textile, paper, home and personal careand other products. The Group's activities are carried outthrough four segments: Plastic Additives, Coating Effects,Water & Paper Treatment and Textile Effects. The PlasticAdditives segment develops, manufactures and marketsproducts and provides services to the plastic, rubber,adhesives lubricant, home and personal care industries. TheCoating Effects segment manufactures organic pigments andsupplies photoinitiators and light stabilizers to thecoatings, graphic arts and electronic industries. The Waterand Paper Treatment segment serves the paper and watertreatment as well as the detergents and hygiene industries.It operates in Europe, Americas and Asia Pacific. Thecompany was founded in 1971.Ciba Specialty Chemicals Holding Inc, based in Basel, Switzerland, manufactures, wholesales and distributes chemicals that provide color, performance and care for plastics, coatings, textile, paper, home and personal care and other products. The Group's activities are carried out through four segments: Plastic Additives, Coating Effects, Water & Paper Treatment and Textile Effects. The Plastic Additives segment develops, manufactures and markets products and provides services to the plastic, rubber, adhesives lubricant, home and personal care industries. The Coating Effects segment manufactures organic pigments and supplies photoinitiators and light stabilizers to the coatings, graphic arts and electronic industries. The Water and Paper Treatment segment serves the paper and water treatment as well as the detergents and hygiene industries. It operates in Europe, Americas and Asia Pacific. The company was founded in 1971.0.000000.000000.0000069.06000YSwiss Franc15 Sep 08Mon, 15 Sep 2008 00:00:00 ESTDate Announced: 09/15/2008Date Effective:MergerFriendly0.000000.000000.000005543.000000.0000050.00000Price/Share0.000003453.23 Swiss Franc3453.231003350.000005646.23 Swiss Franc5646.231000.000000.0000044.6590044.659005646.231005646.23 Swiss Franc0.89300N1712.858000.000000.000000.000000.000000.000003084.343003084.343004.273007.0700012.59800-12.541000.879000.000000.00000100.000007.2020012.832002.38100-12.774000.8960011.81600-7.813000.548000.00000-4.65900-0.676000.351004950.875000.00000-11.205001710.424000.000002322.68900-7.81200-5.844000.00000-9.924001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.00000SWITZERLAND - BASF SE ofGermany agreed to launch atender offer to acquire theentire ordinary share capitalof Ciba Specialty ChemicalsHolding Inc, a Basel-basedmanufacturer, wholesaler anddistributor of chemicals, for50 Swiss francs (31.194euros/$44.659 US) in cash pershare, or a total value of3.453 bil francs (2.154 bileuros/$3.084 bil). The offerwas conditioned upon at least66.6% of shares beingtendered. The transaction wassubject to regulatory andshareholders' approvals.SWITZERLAND - BASF SE of Germany agreed to launch a tender offer to acquire the entire ordinary share capital of Ciba Specialty Chemicals Holding Inc, a Basel-based manufacturer, wholesaler and distributor of chemicals, for 50 Swiss francs (31.194 euros/$44.659 US) in cash per share, or a total value of 3.453 bil francs (2.154 bil euros/$3.084 bil). The offer was conditioned upon at least 66.6% of shares being tendered. The transaction was subject to regulatory and shareholders' approvals.SWITZERLAND - BASF SE of Germany agreed to launch a tender offer to acquire the entireordinary share capital of Ciba Specialty Chemicals Holding Inc, a Basel-basedmanufacturer, wholesaler and distributor of chemicals, for 50 Swiss francs (31.194euros/$44.659 US) in cash per share, or a total value of 3.453 bil francs (2.154 bileuros/$3.084 bil). The offer was conditioned upon at least 66.6% of shares being tendered.The transaction was subject to regulatory and shareholders' approvals.SWITZERLAND - BASF SE of Germany agreed to launch a tender offer to acquire the entire ordinary share capital of Ciba Specialty Chemicals Holding Inc, a Basel-based manufacturer, wholesaler anddistributor of chemicals, for 50 Swiss francs (31.194 euros/$44.659 US) in cash per share, or a total value of 3.453 bil francs (2.154 bil euros/$3.084 bil). The offer was conditioned upon at least66.6% of shares being tendered. The transaction was subject to regulatory and shareholders' approvals.SWITZERLAND - BASF SE of Germany agreed to launch a tender offer to acquire the entire ordinary share capital of Ciba Specialty ChemicalsHolding Inc, a Basel-based manufacturer, wholesaler and distributor of chemicals, for 50 Swiss francs (31.194 euros/$44.659 US) in cashper share, or a total value of 3.453 bil francs (2.154 bil euros/$3.084 bil). The offer was conditioned upon at least 66.6% of sharesbeing tendered. The transaction was subject to regulatory and shareholders' approvals.$ 5,043.078 - Deutsche Bank AG - Adv0.00000Deutsche Bank AG1.00000LazardCredit Suisse GroupPerella Weinberg Partners LP1.000002.000003.00000$ 5,043.078 - Lazard - Adv$ 5,043.078 - Credit Suisse Group - Adv$ 5,043.078 - Perella Weinberg Partners LP - F Opin0.000000.000000.00000Pending20167.000004473.5000060889.3000048521.0000034.50700784.00000909.00000890.000001000.000001003.00000934.000002312.00000440.000003.270003.91000-4.380004.280005.26000-6.860002371.000003385.000003289.000003983.000004219.000004307.00000237.00000259.00000-256.00000311.00000360.00000-442.00000309.00000301.00000-261.00000371.00000436.00000-391.000006523.000006352.000007419.000007027.000006646.000006303.000007756.000008625.000008862.0000010334.0000010829.0000010925.00000Status:PendingSFR-7.28900nm0.000001.449001.4490.00000-8.247000.00000-6.23300-0.466002264.89100-8.64200-5.738004.405007.848001.456002819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2836:Biological products, except diagnostic substances2851:Paints, varnishes, lacquers, & allied products2869:Industrial organic chemicals, nec2899:Chemicals and chemical preparations, nec5162:Plastics materials and basic forms and shapes5169:Chemicals and allied products, nec7226002New YorkGermany2869ForeignPublicBF2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2836:Biological products, except diagnostic substances2851:Paints, varnishes, lacquers, & allied products2869:Industrial organic chemicals, nec2899:Chemicals and chemical preparations, nec5162:Plastics materials and basic forms and shapes5169:Chemicals and allied products, nec13912002New YorkSwitzerland2899ForeignPublicCSB3084.343005646.231005043.078002800.62100Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/671499spcred/671499normThe latest News from S&Pglobalstructured9/16/2008 8:22:43 AM100News671499GermanyDiversified ChemicalsEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSChemicalsNewsFRANKFURT (Standard&Poor's) Sept. 16, 2008--Standard&Poor's Ratings Services said today it revised its outlook on Germany-based chemicals producer BASF SE to negative from stable, following the announcement that it will acquire Switzerland-based specialty chemicals producer Ciba Holding Inc. (Ciba). The 'AA-' long-term and 'A-1+' short-term corporate credit ratings on BASF were affirmed. At the same time, we placed the 'BBB-' long-term and 'A-3' short-term corporate credit ratings on Ciba and related entities on CreditWatch with positive implications. BASF's planned purchase of Ciba for a total consideration of about €3.8 billion including financial debt obligations is likely to be closed in 2009 and is subject to regulatory approvals as well as 66.67% approval of Ciba shareholders. "We expectDEU055262D0621615101020 151010 1510 15BASF SE115697EUROMIDAFRUSABAS@GRNEWSGLOBISSSTRUCCORPABSCMBSChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/671500spcred/671500normThe latest Research Update from S&Pglobalstructured9/16/2008 8:22:00 AM175Research Update671500GermanyDiversified ChemicalsEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSChemicalsResearch UpdateOn Sept. 16, 2008, Standard&Poor's Ratings Services revised its outlook on Germany-based chemicals producer BASF SE to negative from stable, following the announcement that it will acquire Switzerland-based specialty chemicals producer Ciba Holding Inc. (Ciba). The 'AA-' long-term and 'A-1+' short-term corporate credit ratings on BASF were affirmed. At the same time, we placed the 'BBB-' long-term and 'A-3' short-term corporate credit ratings on Ciba and related entities on CreditWatch with positive implications. BASF's planned purchase of Ciba for a total consideration of about €3.8 billion including financial debt obligations is likely to be closed in 2009 and is subject to regulatory approvals as well as 66.67% approval of Ciba shareholders. We expect the acquisition to be successfulDEU055262D0621615101020 151010 1510 15BASF SE115697EUROMIDAFRUSABAS@GRRESUPDUSADEUCHE05526706982G17162W29284M29284P15101050 151010 1510 1545203010 452030 4520 45BASF Catalysts LLCCiba Holding Inc.BASF Finance Europe N.V.100740317145420939EUROMIDAFRLATAMERICAUSAECCSBYF1366Z@NAGLOBISSSTRUCCORPABSCMBSChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_162873_78520moodys/PR_162873_78520htmlGlobal Credit Research Rating Action ## SEP #### Rating Action: BASF (SE) Moody's reviews long-term ratings of BASF for downgrade. London, ## September #### -- Moody's Investors Service has placed the Aa# senior unsecured debt rating...9/16/2008 12:40:28 AMhtmlBASF (SE)BASF Finance Europe NVBASF (SE); BASF Finance Europe NV785202141150.0000NewsRating ActionPR_162873_78520Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/74216cs/74216norm BASF Devours Ciba's Specialty Content Amidst the tumult on Wall Street, BASF announced that it will acquire Ciba for €#.# billion, or roughly #.#x LTM EBITDA, an indication that large chemical companies still have the risk appetite...742161478YesD0Article9761369corp1937839549M&A Activity9/15/2008 11:06:54 PM150BASF announced that it will acquire Ciba for €3.8 billion, or roughly 7.8x LTM EBITDA, an indication that large chemical companies still have the risk appetite and financial flexibility to make significant acquisitions.74216Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74052cs/74052norm Ethylene - Energy Drops, But Hurricane Headache Awaits Ethylene transaction prices remain unsettled for August, with buyers pointing at a ##.##¢/lb decline in production cost in their negotiations for a double-digit price decrease. ...740521128YesD0Article9881107961491877111151166715251615058311416661346533182413691471174976248148corp/reportshy39542High Yield9/11/2008 9:05:00 PM150While Gustav has come and gone without effecting pricing by much, Ike may roar up into a big storm, hit the coastal states, and cause a near-term spike in prices.74052Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/428637_pr_framefitch/428637_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.AB ElectroluxAB VolvoAir Liquide S.A.Akzo Nobel N.V.Arcelik A.S.BAE Systems plcBASF SECemex Espana S.A.Ciba Holding Inc.Cognis GmbhCompagnie Financiere Michelin (CFM)Continental AGCRH plcDaimler AGEurochem Mineral And Chemical Company JscEuropean Aeronautic Defence and Space Co., (EADS)Fiat SpAFinmeccanica SpAFord Otosan A.S.GKN Holdings plcHeidelbergCement AGHolcim LtdKazanorgsintez JSCKoninklijke DSM N.V.Lafarge S.A.Lanxess AGLyondellBasell Industries AF S.C.ANizhnekamskneftekhimOAO Kontsern StirolPetkim Petrokimya Holding A.S.Pfleiderer AGPSA Peugeot Citroen S.A.Renault SARhodia S.A.Robert Bosch GmbHRolls Royce Group plcSABIC Europe BVSaint Gobain S.A.Saudi Basic Industries Corporation (SABIC)SIBUR Holding OJSCSolvay SAThales S.A.Vestel Elektronik Sanayi ve TicaretVolkswagen AG80090305803595788035994380360000803602128036051580360517803605248036070880360751803611538036126680361286803612888036133980361368804609688050441880506592806221928063842281023431819133198207994882291694823062948250791682557725828287258303273183209014832242718325412083309480834888718361246583746465837718658383786583942865839596668401726984667073847482708/7/2008 2:20:00 PM01000000010300000103060001030900010309010103110001031300010313010103130201031400010315000103170385Press Release012053131902010AIAKZAARCLKBABASCIBNCONCRHDAIDSMEADELUX BFFNCHEIHOHOLNKZOSLXSNKNCPETKMPFD4RHARRSGOSOLBSTIRUGVESTLVOLV AVOW428637_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_160612_78520moodys/PR_160612_78520htmlGlobal Credit Research Rating Action # AUG #### Rating Action: BASF (SE) Moody's stabilised outlook on Aa# BASF ratings. London, ## August #### -- Moody's Investors Service has today revised the outlook for the Aa# senior unsecured...8/7/2008 1:54:14 AMhtmlBASF (SE)BASF Finance Europe NVBASF (SE); BASF Finance Europe NV785202141150.0000NewsRating ActionPR_160612_78520Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/72789cs/72789norm Ethylene: Prices Follow Energy Down Despite a decline in energy prices, producers failed in its endgame to increase cash margins, as ethylene prices followed suit and dropped with the associated decline in production costs.    Assuming...727891289YesD0Article98811079614918771111511667152516150583114166613468/6/2008 6:05:13 AM150With specialty chemicals having more pricing power and hence price resistance, we anticipate converters will benefit from the energy dynamic at least in the near-term, assuming oil/gas remains at current levels, all else begin equal.533182413691471174976248148corp/reportshy39542High Yield72789Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72660cs/72660norm Earnings Note: Rhodia, Bayer, BASF - #Q## Euro Trends Rhodia, Bayer, and BASF reported second-quarter results last week.   Similar to U.S. counterparts, European chemical companies took an aggressive stance in implementing price increases...726601441YesD0Article5835331369corphy727839568Earnings Reports - Industrials/Consumer42High Yield8/4/2008 7:42:47 AM150For RHA (CER trading), BAY (healthcare, agrochemicals), and BAS (agrochemicals, oil & gas), the companies have strong businesses that will help mitigate the increasing economic and feedstock cost challenges facing the sector.72660Credit & Investment ResearchCreditSightsUS - BASF SE was rumored to be planning to acquire all the outstanding common stock of WR Grace & Co, a manufacturer of catalysts, chemical additives, engineered materials, chromatography columns and silica-based products.7/31/2008 10:03:37 AM05526238391105526238388FBASF SEWR Grace & CoBASF SEWR Grace & Cohttp://www.alacrastore.com/storecontent/Thomson_M%26A/BASF_SE_is_rumored_to_be_planning_to_acquire_WR_Grace_Co_from_WR_Grace_Co-2000324020sdc/20003240202000324020Copyright © 2008, Thomson Financial, All Rights ReservedNew YorkChemicals and Allied ProductsGermanyIndustrial organic chemicals, nec2869FFForeignPublicBF1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2671:Packaging paper & plastics film,coated & laminated2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2822:Synthetic rubber (vulcanizable elastomers)2834:Pharmaceutical preparations2851:Paints, varnishes, lacquers, & allied products2865:Cyclic crudes and intermediates, and organic dyes2869:Industrial organic chemicals, nec2879:Pesticides and agricultural chemicals, nec2891:Adhesives and sealants2899:Chemicals and chemical preparations, nec3081:Unsupported plastics film and sheet3083:Laminated plastics plate, sheet and profile shapes3089:Plastics products, nec3695:Magnetic and optical recording media1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services2671:Packaging paper & plastics film,coated & laminated2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2822:Synthetic rubber (vulcanizable elastomers)2834:Pharmaceutical preparations2851:Paints, varnishes, lacquers, & allied products2865:Cyclic crudes and intermediates, and organic dyes2869:Industrial organic chemicals, nec2879:Pesticides and agricultural chemicals, nec2891:Adhesives and sealants2899:Chemicals and chemical preparations, nec3081:Unsupported plastics film and sheet3083:Laminated plastics plate, sheet and profile shapes3089:Plastics products, nec3695:Magnetic and optical recording mediaNew YorkChemicals and Allied ProductsUnited StatesPlastics materials and synthetic resins2821FLFloridaPublicGRA7226002Mnfr chem prodMnfr chemNot ApplicableCommon Stock2633002Jul 31 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.0000024.0000025.0000026.0000027.0000028.0000029.0000030.0000031.0000032.0000033.0000034.00000BASF SE, headquartered inLudwigshafen, Germany,manufactures chemicals,plastics, agricultural andperformance products, andfunctional solutions. Thecompanys chemical productsinclude inorganic compounds,petrochemicals, trioxane andintermediates. BASF's plasticproducts include foams,styrenics, polyamide,polyutheranes andbiodegradable plastics. Thecompany also manufacturesacrylics, monomers, coatings,detergents, cosmeticingredients, crop protectionchemicals and pharmaceuticalsolutions. BASF's products areused in the automotive,packaging, housing andconstruction, health andnutrition, and agriculturalindustries. Through itsWintershall AG subsidiary,BASF also operates in the oiland gas sector. Some of thecompany's production sites arelocated in Germany, Belgium,USA, Malaysia, China, Japan,Mexico and Spain. BASF SEcommenced its operations in1865.BASF SE, headquartered in Ludwigshafen, Germany,manufactures chemicals, plastics, agricultural andperformance products, and functional solutions. The companyschemical products include inorganic compounds,petrochemicals, trioxane and intermediates. BASF's plasticproducts include foams, styrenics, polyamide, polyutheranesand biodegradable plastics. The company also manufacturesacrylics, monomers, coatings, detergents, cosmeticingredients, crop protection chemicals and pharmaceuticalsolutions. BASF's products are used in the automotive,packaging, housing and construction, health and nutrition,and agricultural industries. Through its Wintershall AGsubsidiary, BASF also operates in the oil and gas sector.Some of the company's production sites are located inGermany, Belgium, USA, Malaysia, China, Japan, Mexico andSpain. BASF SE commenced its operations in 1865.BASF SE, headquartered in Ludwigshafen, Germany, manufactures chemicals, plastics, agricultural and performance products, and functional solutions. The companys chemical products include inorganic compounds, petrochemicals, trioxane and intermediates. BASF's plastic products include foams, styrenics, polyamide, polyutheranes and biodegradable plastics. The company also manufactures acrylics, monomers, coatings, detergents, cosmetic ingredients, crop protection chemicals and pharmaceutical solutions. BASF's products are used in the automotive, packaging, housing and construction, health and nutrition, and agricultural industries. Through its Wintershall AG subsidiary, BASF also operates in the oil and gas sector. Some of the company's production sites are located in Germany, Belgium, USA, Malaysia, China, Japan, Mexico and Spain. BASF SE commenced its operations in 1865.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.00000Manufacture packagingmaterials, especially for foodpreservation, containersealing compounds, XPcatalysts for higher octane,water treating compounds,cement and concrete products;own and operate Mexicanrestaurants; produce cocoa;oil and gas drilling,exploration, production andfield services; operatepetroleum and chemical bulkstations; heavy constructionequipment rental and leasingservices; research anddevelopment of alumina- andsilica-based materials,catalysts, polymeric systemsand biotechnologyManufacture packaging materials, especially for foodpreservation, container sealing compounds, XP catalysts forhigher octane, water treating compounds, cement and concreteproducts; own and operate Mexican restaurants; producecocoa; oil and gas drilling, exploration, production andfield services; operate petroleum and chemical bulkstations; heavy construction equipment rental and leasingservices; research and development of alumina- andsilica-based materials, catalysts, polymeric systems andbiotechnologyManufacture packaging materials, especially for food preservation, container sealing compounds, XP catalysts for higher octane, water treating compounds, cement and concrete products; own and operate Mexican restaurants; produce cocoa; oil and gas drilling, exploration, production and field services; operate petroleum and chemical bulk stations; heavy construction equipment rental and leasing services; research and development of alumina- and silica-based materials, catalysts, polymeric systems and biotechnology0.000000.000000.0000072.11000Y30 Jul 08Wed, 30 Jul 2008 00:00:00 ESTDate Announced: 07/30/2008Date Effective:MergerNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000US - BASF SE was rumored to beplanning to