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FRENCH MINISTRY OF FINANCE ISSUES STATEMENT REGARDING PHONE-POULENC

 PARIS, Jan. 18 /PRNewswire/ -- The following was released today by the French Governments Ministry of Finance:
 Michael Sapin, Minister of Economy and Finance, has fixed the sale price of Rhone-Poulenc shares at FF500 after the opinion of "commission d'evaluation des entreprises publiques" which had fixed the minimum value if Rhone-Poulenc for this operation at FF28 billion.
 The offering will be for a total of 6 million shares divided among a French tranche of 2.7 million shares, and international tranche of 1.7 million shares and an American tranche of one million shares.
 The balance being 600,000 shares will be reserved for purchase by current and former qualifying Rhone-Poulenc employees at a preferential price of FF450 per share. They must hold the shares for a minimum period of two years.
 The French tranche could be increased by up to 255,000 shares by reducing the size of the international tranche. Finally, the international and American tranche could be increased by up to 405,000 shares by increasing the size of the total offering which would bring the tranche offered to employees to a maximum of 645,000 shares.
 The sale in France will be in the form of a public offering for which French citizens and residents will be able to submit a purchase order for up to ten shares which will be given priority. The purchase orders will be accepted between Tuesday Jan. 19 and Thursday Jan. 21.
 Rhone-Poulenc shares will be admitted for official quotation on the monthly settlement market of the Paris Bourse and will be listed on the New York Stock Exchange on Jan. 26.
 Moreover, the French State will propose at the end of the public sale, as previously outlined in the press release of October 29, a public exchange offer of Preferred Investment Certificate (PICs) for Rhone-Poulenc shares at an exchange ratio of one PIC for one share. At the same time, Rhone-Poulenc will propose an exchange offer for its Participating Shares Series A (PSSAs) at an exchange ratio of one PSSA for one Rhone-Poulenc share.
 Commenting on the launch of the operation, Michael Sapin declared, "Putting these Rhone-Poulenc shares on the market is in the interest of the company and within the principles that the French State must respect for the valuation of assets it had decided to sell. This decision is a sign of confidence in the prospects of the Rhone-Poulenc Group and in the general evolution of the financial markets."
 -0- 1/18/93
 /CONTACT: Arvind Sood of Rhone-Poulenc, 908-821-3487/


CO: Rhone-Poulenc ST: IN: MTC SU:

LD-SM -- NY075 -- 6056 01/18/93 18:49 EST
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Publication:PR Newswire
Date:Jan 18, 1993
Words:435
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