Solvay Agrees to Acquire Rhodia for €3.4 Billion in Cash

Solvay has agreed to acquire Rhodia for €3.4 billion ($4.9 billion) in cash. Solvay’s €31.60/share offer is a 50% premium over Rhodia’s closing price on April 1, the last trading day before the deal was announced, and a 44% premium over Rhodia’s three-month average price. The deal represents a multiple of 7.3 times recurring Ebitda (Rebitda) and it has been recommended unanimously by Rhodia’s board. The acquisition has an enterprise value of €6.6 billion. Jourquin (l.) and Clamadieu...

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