Belgium's Solvay to squeeze out remaining Rhodia stakeholders

13 September 2011 20:32  [Source: ICIS news]

LONDON (ICIS)--Solvay has decided to “squeeze out” remaining stakeholders who did not tender shares or convertible bonds as part of its takeover of Rhodia, the Belgian chemicals producer said on Tuesday.

Solvay said respective Rhodia shareholders will receive a cash payment of €31.60/share, corresponding to the price Solvay paid for shares that were tendered.

Meanwhile, the remaining holders of Rhodia’s convertible bonds - known as OCEANEs – will be squeezed out at a price of €52.35/OCEANE, Solvay said.

On 31 August, Solvay announced that Rhodia shareholders and bondholders had overwhelmingly accepted its €3.4bn ($4.6bn) offer from April for the French specialty chemicals firm.

Rhodia shares and the OCEANEs will be delisted from trading on French financial markets on 16 September, the date on which the squeeze-out will be implemented, Solvay said.

In related news, Switzerland’s Clariant said last week it will squeeze out remaining Sud-Chemie shareholders who had not tendered their shares when Clariant took over the German specialty chemicals firm.  

($1 = €0.73)

For more on Solvay and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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