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French Authority Sets Closing Date for Solvay Takeover of Rhodia; EU Okays Deal

4:11 AM MDT | August 8, 2011 | Natasha Alperowicz

The French Financial Markets Authority (AMF) has set a closing date of Wednesday August 24, 2011, inclusive, for the friendly public takeover of Rhodia by Solvay. This follows Friday's approval of the acquisition by the European Commission. Solvay's offer is €31.60/Rhodia share and €52.30 for the OCEANE convertible bonds. "As all prerequisite authorizations for the offer are obtained, the execution of the offer is solely subject now to a minimum acceptance level of 50% plus one share on a fully diluted basis," the companies say. The offer...

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