French authorities approve Solvay’s acquisition of Rhodia

10 May 2011 18:18  [Source: ICIS news]

LONDON (ICIS)--Belgium’s Solvay has announced the French Financial Markets Authority (FFMA) has approved its offer to acquire Rhodia, the specialty chemicals company announced on Tuesday.

Once the French supervisory authority – Autorité de Contrôle Prudentiel – and the French minister of the economy have given approval, FFMA will publish a timetable and opening and closing dates of the offer.

“We maintain our schedule, which includes launching the informal tender offer to Rhodia’s shareholders in June, subject to approval by the competent authorities,” Christian Jourquin, chairman of the executive committee, said on Tuesday at the Solvay general shareholders meeting.

Solvay’s €3.4bn ($4.86bn) offer for French chemicals maker Rhodia will be launched in France and extended to the US. Solvay added that it expects the offer to be closed before the end of August.

The offer is subject to approval from the EU and US anti-trust authorities.

($1 = €0.70)

For more on Solvay and Rhodia, visit ICIS company intelligence

By: Tanzeel Akhtar
+44 208 652 3214

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