Solvay notifies European Commission of takeover bid for Rhodia

30 June 2011 18:21  [Source: ICIS news]

LONDON (ICIS)--Solvay has notified the European Commission of its friendly takeover bid for French chemicals maker Rhodia, the Belgium-based company said on Thursday.

Solvay launched a cash offer for the shares of Rhodia at €31.60/share ($45.8/share) on 14 June, representing a 50% premium over the closing Rhodia share price on 1 April.

The offer values Rhodia's market capitalisation at €3.4bn with an enterprise value of €6.6bn.

The closing date for the offer will be published following receipt of approval from the commission.

($1 = €0.69)

By: Franco Capaldo
+44 (0)20 8652 3214

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