Sale of Solvay’s majority stake in Solvay Indupa to Braskem is ongoing
Precision: the price offered by Braskem is denominated in Argentinean peso (ARS)
Brussels, January 9, 2014--- Contrary to what we have been reading in some media reports this week, Solvay confirms that the planned divestment of its 70.59% stake in Solvay Indupa to Brazil's leading chemical producer Braskem is well underway.
The remaining Solvay Indupa shares are publicly traded on the Argentinian stock exchange. Under Argentinean law, Braskem is obliged to launch a tender offer to buy these outstanding shares.
The success of this tender offer is not a condition to the divestment of Solvay Indupa to Braskem.
Braskem has proposed to pay ARS1.35 per share, based on two fairness opinions. The Argentinean market authority (COMISION NACIONAL DE VALORESor CNV) on January 3 2014, however, stated that Braskem's proposed tender offer was too low. Subsequently, Braskem is talking to CNV to understand their decision and to set a new price.
In the meantime, anti-trust filings are being made as planned in Brazil and Argentina.As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. The Group is firmly committed to sustainable development and focused on innovation and operational excellence. Solvay serves diversified markets, generating 90% of its turnover in activities where it is one of the top three worldwide. The group is headquartered in Brussels, employs about 29,000 people in 55 countries and generated 12.4 billion euros in net sales in 2012. Solvay SA is listed as SOLB.BE on NYSE Euronext in Brussels and Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).