Printer Friendly

SALES OF SHARES IN RHONE-POULENC HELD BY THE STATE

 PARIS, Jan. 18 /PRNewswire/ -- Michel Sapin, Minister of Economy and Finance, has announced the sales of 6 million shares in Rhone-Poulenc held by the State, at the price of FF500, which will be the object of a public offering in France from Tuesday, Jan. 19 to Thursday, Jan. 21, 1993.
 At the end of the operation, the Sate will propose a public exchange offer of Preferred Investment Certificates (PICs) for shares at an exchange ratio of one PIC for one share, as previously outlined in the press release of Oct. 29, 1992
 Furthermore, Rhone-Poulenc will propose an exchange offer of Participating Shares Series A (PSSAs) to PSSA holders of one Rhone- Poulenc share.
 M. Jean-Rene Fourtou, chairman and chief executive officer of Rhone- Poulenc commented:
 "What has been decided by the French Government is useful and attractive for the financial community.
 For Rhone-Poulenc, these operations will simplify and greatly strengthen the current equity of the Group. As a matter of fact, the PICs and PSSAs, which do not have a voting right and which are listed on stock exchanges will be transformed into ordinary shares with voting rights and will be totally integrated into Rhone-Poulenc's capital.
 For the investor, this will provide access to ordinary shares with voting rights, which are destined to become the major stock of the Rhone-Poulenc Group traded internationally on the major stock exchanges with potential for greater liquidity.
 Furthermore, this modification will give Rhone-Poulenc the opportunity to develop employee shareholders."
 -0- 1/18/93
 /CONTACT: Arvind Sood, investor relations of Rhone-Poulenc Group, 908-821-3487/


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

LD-TM -- NY074 -- 6054 01/18/93 18:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 18, 1993
Words:273
Previous Article:CRUM & FORSTER 'A-' CLAIMS-PAYING ABILITY ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
Next Article:FRENCH MINISTRY OF FINANCE ISSUES STATEMENT REGARDING PHONE-POULENC
Topics:


Related Articles
RHONE-POULENC SA ANNOUNCES DIVIDEND SCHEDULE
FRENCH MINISTRY OF FINANCE ISSUES STATEMENT REGARDING PHONE-POULENC
RHONE-POULENC ANNOUNCES DIVIDEND SCHEDULE
RHONE-POULENC OVERSEAS LIMITED ANNOUNCES QUARTERLY DIVIDEND
RHONE-POULENC OVERSEAS LIMITED ANNOUNCES QUARTERLY DIVIDEND
Launch Of Tender Offer by Rhone-Poulenc For Shares of Rhone-Poulenc Rorer: Agreement Reached on $97 Per Share
Rhone-Poulenc S.A. Successfully Completes Tender Offer For Rhone-Poulenc Rorer Inc.
Rhone-Poulenc Launches Its Issue of Shares with Equity Warrants Attached On October 23, 1997 at the Price of FF263 Per Unit
Rhone-Poulenc: 26 615 970 Shares With Equity Warrants Attached Issued For FF 7 Billion
Rhodia Shares to Be Sold By Rhone-Poulenc At a Price of 140 French Francs Per Share

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters