BRUSSELS, Belgium – Solvay and Rhodia have signed a framework agreement in which Solvay will launch a friendly cash offer for 100 percent of the share capital of Rhodia. At €31.60 per share, the offer values the equity of Rhodia at €3.4 billion. The offer will be launched in France and extended to the United States. The Board of Directors of Rhodia has recommended the transaction unanimously.
To facilitate a smooth and rapid integration of the two groups, Jean-Pierre Clamadieu, Chairman and CEO of Rhodia, will join Solvay’s Executive Committee in the role of Deputy CEO once the offer is closed. Clamadieu is also expected to succeed Solvay’s current CEO, Christian Jourquin, upon his retirement. In this context, Clamadieu will be proposed for appointment to the Board of Directors of Solvay at the AGM in May 2012. In addition, Gilles Auffret, COO of Rhodia, will be appointed CEO of Rhodia and member of the Executive Committee of Solvay.
Solvay Offers €3.4 Billion for Rhodia
May 1, 2011