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04-08-2011

Solvay: Friendly Tender Offer for Rhodia

Solvay filed its friendly tender offer for Rhodia with the French Financial Markets authority (AMF) on April 6, 2011.

On April 4, 2011, Solvay and Rhodia announced the signing of a framework agreement according to which Solvay will launch a friendly cash offer for 100% of the share capital of Rhodia. The cash offer at EUR 31.60 per share (ex dividend of EUR 0.5 per share) values the equity of Rhodia at EUR 3.4 billion and the enterprise value at EUR 6.6 billion, representing a REBITDA multiple of 7.3x . The offer represents a premium of 50% compared to the closing price of Rhodia on the 1st of April 2011 and a premium of 44% compared to the average closing share price over the last three months. The transaction has been recommended unanimously by the board of directors of Rhodia.

Solvay will fully finance the transaction with its cash resources thus creating a major player in the chemicals business with sales of EUR 12 billion and REBITDA of EUR 1.9 billion.

The draft offer document is available in French and English on Solvay’s website.

The offer and the draft offer document remain subject to review by the AMF.

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