Solvay Launches Investment Program
Solvay S.A., Brussels, Belgium, announced it is launching a treasury share investment program. In accordance with the financial transparency rules and legislation, is the description of the treasury share investment program as follows: The Extraordinary Shareholders’ Meeting of 12th May 2009 authorized the Board of Directors for a period of five years to acquire on the stock exchange up to a maximum of 16,940,000 of the company’s own shares, at a price between 20 EUR and 150 EUR.
In the framework thereof, the Board of Directors decided to initiate an investment program of maximum 5.1 million of the company’s own shares. This decision was subject to the closing of the sale of the company’s pharmaceutical activities to Abbott. A credit institution has been mandated for a period of one year to execute this investment program which is currently intended as a temporary investment of the cash resulting from the sale of the pharmaceutical activities before reinvestment in industrial assets.
On 12 February 2010 Solvay hold through its indirect subsidiary Solvay Stock Option Management 2,908,618 Solvay shares or 3.43% of the issued Solvay shares.
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