Solvay to Acquire Rhodia for €3.4 Billion

Solvay has agreed to acquire Rhodia for €3.4 billion in cash. Solvay will launch a friendly cash offer for Rhodia at €31.60/share under the terms of the deal, a 50% premium over Rhodia's closing price on April 1 and a 44% premium over Rhodia's three-month average price. The offer represents a multiple of 7.3 times recurring Ebitda (Rebitda) and it has been recommended unanimously by Rhodia's board. The deal has an enterprise value of €6.6 billion. Solvay expects to close the deal in late August 2011 subject to antitrust approval in Europe and the...

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