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Brussels, November 16, 2015, 08:00 --- Solvay disclosed today unaudited pro forma consolidated financial information for the impact of the intended acquisition of Cytec.
Since the acquisition is expected to have a material impact on the financial position and results of operations of Solvay, unaudited pro forma consolidated financial information was prepared by the Group, comprising:
- Unaudited pro forma consolidated income statement and statement of comprehensive income for the year ended December 31, 2014;
- Unaudited pro forma consolidated income statement and statement of comprehensive income for the nine months ended September 30, 2015;
- Unaudited pro forma consolidated statement of financial position as of September 30, 2015.
This Unaudited Pro Forma Information is presented for illustrative purposes only. Its purpose is to show the material effects that the acquisition would have had on the historical consolidated financial statements of the Group as if it had occurred as of January 1, 2014 with respect to the unaudited pro forma consolidated income statements, and as of September 30, 2015 with respect to the unaudited pro forma consolidated statement of financial position.
The unaudited pro forma adjustments are based on available information and certain assumptions that Solvay believes are reasonable and give effect to events that are directly attributable to the acquisition and its financing and are factually supportable. In addition, the unaudited pro forma consolidated financial information does not purport to represent what Solvay's financial position or results of operations would have actually been if the acquisition and the financing had been completed on January 1, 2014 or any other date, nor does it purport to represent Solvay's results of operations for any future period or its financial condition at any future date. The unaudited pro forma consolidated financial information does not reflect any cost savings or other synergies that may result from the acquisition, nor does it reflect any special items such as restructuring and integration costs that may be incurred as a result of the acquisition.
On July 28, 2015, Solvay entered into a definitive merger agreement with U.S.-based Cytec to acquire 100% of its share capital for $75.25 per share in cash. The merger is subject to customary closing conditions, including regulatory approvals and Cytec shareholders' approval. The transaction is expected to close before the current year end.
As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 26,000 people in 52 countries and generated 10.2 billion euros in net sales in 2014. Solvay SA (SOLB.BE) is listed on EURONEXT Brussels and EURONEXT Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).
