Caracas-Toyo Engineering Corp. recently established Toyo Ingenieria de Venezuela C.A., a new subsidiary in Caracas, Venezuela. The new affiliate will act as a local information channel, which will enable Toyo to strengthen its business in the country, where domestic demand is rising. Santander Selling 32.5% Interest in Cepsa To International Petroleum Investment Madrid-Banco Santander has agreed to sell its remaining 32.5% interest in Compania Espanola de Petroleos SA (Cepsa) to International Petroleum Investment Co. (IPIC) of Abu Dhabi, its current partner in Cepsa, for ?33/share, or a total of about ?2.87-billion. CF Rejects Agrium's Revised Offer; Is 'Not in the Best Interests of CF Deerfield-CF Industries, following a review of Agrium's revised offer to acquire all outstanding shares of CF, has concluded the deal is "not in the best interests of CF Industries and its stockholders." Agrium on 27 Mar. announced that it was raising its offer for CF to $35.00 in cash plus one Agrium share for each CF share, an increase of over 10% in cash consideration from its previous offer (PCN, 30 Mar 09, p 2). Merger Authorities Give OK For BASF's Ciba Acquisition Ludwisshafen-The U.S. Federal Trade Commission and the Chinese merger control authority MOFCOM on 2 Apr. approved BASF's acquisition of Ciba Holding (PCN, 16 Mar 09, p 2). No conditions were imposed beyond those required by the European Commission (EC) in its 12 Mar. decision. The EC's approval required BASF to divest individual product lines and production plants, as well as a product license. BASF has fulfilled this obligation with an agreement in which Italian company Sabo Sri will purchase Ciba's light stabilizer Chi-massorb 119 FL business.
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