Pharma Industry
Industry: Email Alert RSS FeedAventis denies imminent sale of Rhodia stake. (News: Europe).
Chemical Market Reporter, December, 2002
AVENTIS DENIES it is planning the imminent sale of its 25 percent stake in Rhodia, which it must divest by April 2004. The disposal of the shareholding is a commitment made to antitrust authorities when they approved the merger forming Aventis from Hoechst and Rhone-Poulenc three years ago.
Rhodia was spun off from Rhone-Poulenc at the time. Speculation that Aventis, Rhodia's largest shareholder, was close to selling its stake stemmed from its decision late last month to buy back convertible bonds that are backed by the shares. Aventis is offering to pay around [euro]1 billion for the bonds. News of the proposed purchase boosted Rhodia's share price by 14 percent, to around [euro]8, still well short of the nominal value of [euro]23.22 for each...
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