IHS Chemical Week

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Solvay Shareholder Denies Takeover Approach

1:03 PM MDT | April 3, 2009

Solvac (Brussels), the family owned holding vehicle that controls a 30.07% stake in Solvay, has denied a Financial Times report that it has been approached by Sanofi-Aventis about a potential sale of the stake. “Solvac denies any contact with third parties about the sale of its participation in Solvay, in part or in total,” Solvac says. The report says Sanofi-Aventis made a direct offer to Solvac that valued the whole of Solvay at €7.2 billion ($9.6 billion), or €85/share. Solvac rejected the bid and believes that Solvay is worth at least...

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