Solvay shareholders approve capital increase plan to buy Cytec
Brussels, November 17, 2015 --- Solvay today held its Extraordinary Shareholders Meeting with the purpose of obtaining shareholder authorisation for the Board of Directors to proceed with a rights issue of 1.5 billion euros maximum to finance the acquisition of Cytec Industries Inc. in the United States.
Shareholders present at the EGM represented 59.90% of Solvay's share capital and 99.13% voted in favor of such authorisation.
The Board of Directors will decide in due time on the terms and appropriate timing of the intended rights issue.
Details of the voting results as well as a replay of the Shareholders Meeting will be available shortly on Solvay’s website, INVESTORS SECTION.
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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).