“We are very proud to announce this proposed friendly business combination. We have a shared vision in that we want to create a new Group to achieve our goal of sustainable growth and development in Chemistry”, said Christian Jourquin CEO of Solvay. “We see the possibility of doubling our REBITDA to almost EUR 2 billion and creating a major global chemicals platform under the banner of Solvay. I am convinced that this project based on the complimentary strengths of our forces will be supported by the employees of both groups. We look forward to jointly developing innovative solutions to some of the greatest challenges facing humanity in the twenty-first century.”
“The project presented is a fantastic opportunity for Rhodia, for its employees and its shareholders. By joining Solvay, we will accelerate the overall development of our business, capitalizing on a strong financial structure, our leadership positions, and an exceptional geographic footprint. More importantly, I feel that the similar cultures of the two groups will ensure a successful integration resulting in one strong and ambitious group.” said Jean-Pierre Clamadieu, Chairman and CEO of Rhodia.
A tender Offer conditional upon the approval by E.U. and U.S. anti-trust authorities and upon a minimum acceptance level of 50% plus one share will be filed in the coming days. Solvay expects that the Offer will be closed by late August 2011. Upon reaching a 95% acceptance level Solvay reserves the right to conduct a squeeze-out of the remaining shares. Bonds convertible into and / or exchangeable into new or existing shares (OCEANE) issued by Rhodia will also be offered a price of EUR 52.3 per OCEANE.
SOLVAY is an international industrial Group active in Chemistry. It offers a broad range of products and solutions that contribute to improving quality of life. The Group is headquartered in Brussels and employs about 16,800 people in 40 countries.
RHODIA is an international chemical company resolutely committed to sustainable development. As a leader in its businesses, the Group aims to improve its customers' performance through the pursuit of operational excellence and its ability to innovate.
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