Some hostile takeovers develop a life of their own, whisking the parties into undreamed-of territory as each side reacts to the unexpected. But when BASF pulled off the largest-ever unsolicited European takeover of a US company, it owed much to painstaking preparation and accurate anticipation of the target’s every move.
The German chemicals conglomerate finally completed its $5bn (€3.98bn) merger with Engelhard Corporation, the US catalyst and pigments manufacturer, in early June. But BASF had made its initial approach before Christmas 2005 and there had been lengthy manoeuvrings as Engelhard tried in vain to command a much higher price.
