Ciba Specialty Chemicals Ends Merger Talks With Clariant

Ciba Specialty Chemicals, Inc. (Basel, Switzerland), announced on Dec. 9, 1998, that its board of directors has decided not to approve the proposed merger agreement with Clariant AG (Muttenz, Switzerland). Negotiations to merge with Clariant have been terminated.

The decision of the board follows a period of extensive review which revealed commercial, financial, legal, and regulatory risks and constraints associated with executing the planned transaction. The board considered the risks to be so significant as to undermine the future benefits and synergies of the planned merger, which was announced Nov. 9, 1998.

Both Ciba Specialty Chemicals and Clariant have agreed not to disclose confidential information. There will be no further announcements on this matter.

For more information, call 914-785-4045.