These numbers are pretty much in line, but the shares have risen strongly over the past year and clearly just being in line is not enough for investors. |
We don't expect any nasty surprises. The petrochemical margin was significantly better. |
We think that BASF might be prepared to pay $1 to $2 more than the $37 per share offer if BASF gets indications from an inside view of Engelhard that the growth opportunities or the synergies might be higher than expected. |