Printer Friendly

MINISTRY OF ECONOMY AND FINANCE OF FRANCE ISSUES STATEMENT

 PARIS, Nov. 24 ~PRNewswire~ -- The following was released today by the Ministry of Economy and Finance in France:
 Michel Sapin, minister of economy and finance, has decided to begin the procedure leading to the modification of Rhone-Poulenc's (NYSE: RPR) capital structure as previously announced in the press release of Oct. 29, 1992.
 The sale of at least 6 million shares will be undertaken no later than Feb. 1, 1993, if market conditions permit. The sale will be made in four tranches: a French tranche which will be in the form of a public sale of at least 2.7 million shares, a public sale in the United States of at least 1 million shares and an international offering of at least 1.7 million shares. In addition, 10 percent of the shares offered, being at least 600,000 shares, will be reserved for purchase by current and qualifying former employees of the group, at a 10 percent discount from the public offering price.
 As regards the public sale in France, 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 during a three day period which will be decided at a later date. The two other tranches will be subject to similar timetables.
 It is expected that the Rhone-Poulenc shares will be admitted after the closing of the public offer for official quotation on the monthly settlement market of the Paris Bourse and will be listed on the New York Stock Exchange.
 Moreover, the French State will propose at the end of the public sale, as previously outlined in the press release of Oct. 29, a public exchange offer of preferred investment certificates (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) issued outside of France, at an exchange ratio of one PSSA for one share.
 -0- 11~24~92
 ~CONTACT: Arvind Sood of Rhone-Poulenc, 908-821-3487~
 (RPU)


CO: Rhone Poulenc, Ministry of Economy and Finance ST: IN: MTC SU: OFR

TM-WB -- NY077 -- 3853 11~24~92 17:54 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 24, 1992
Words:370
Previous Article:WEIGHT LOSS IN THE NEWS: WEIGHT WATCHERS RESPONDS
Next Article:HOUSTON INDUSTRIES ANNOUNCES SUCCESSFUL BID BY CONSORTIUM


Related Articles
Japan, Thailand agree on 2.3 bil. dlr aid package.
Kuroda to seek yen's stability for economic recovery.
Gov't to mull extra budget after seeing GDP data.
Vice minister repeats caution against stronger yen.
Japan seeking G-7's shared concern about yen: official.
G-7 to express shared concern for strong yen.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters