Rhodia's Tirouflet awaits fate. (News: Europe).(Jean-Pierre Tirouflet, to confront shareholders at annual meeting )

Chemical Market Reporter, April, 2003

JEAN-PIERRE Tirouflet, Rhodia's chairman and chief executive, will confront hostile shareholders at a crucial annual meeting this week. His probable advantage will be the support from Aventis, which holds a 25.2 percent stake in the company. This is despite the fact that Aventis, which for antitrust reasons has transferred its voting rights to the management, agreed on April 17 to sell 9.9 percent of its stake to the French bank Credit Lyonnais, leaving it with just 15.3 percent of shares.

Yet it is doubtful that the transaction can be completed in time to reduce the voting powers of Rhodia's management at the meeting on April 29, which will vote on a resolution to remove Mr. Tirouflet. "It is not very likely that the purchase of the shares will...

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