BNPP, Crédit Agricole and ING back Eu3bn BASF bridge loan
BNP Paribas, Crédit Agricole and ING have provided BASF, the German chemicals group, with a Eu3bn one year bridge loan to back its Eu3.1bn takeover of rival Cognis.
The bridge is thought to be a backstop for commercial paper issuance. But bankers close to the facility have not said if it will be sold down in the loan market.
BASF announced the takeover last week. It is buying Cognis for an equity purchase price of Eu700m from
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