RHONE-POULENC SAYS NO CHANGE WITH R-PR
Following various reports appearing in the world's press last week speculating over what French chemical and pharmaceutical group Rhone-Poulenc is to do with its Franco-American health care subsidiary Rhone-Poulenc Rorer, the group has issued a statement to clarify the situation. Some reports have suggested that Rhone-Poulenc may buy more shares in its subsidiary, while other reports have suggested the contrary.
Rhone-Poulenc said that the two companies have not agreed to amend the deal based on the 1990 acquisition agreement. R-P has a 68.34% stake in R-PR and at the time of the 1990 acquisition gave a commitment not to increase its stake until July 31, 1997.
On June 2, R-P made a Schedule 13D amendment filing with the US Securities and Exchange Commission. The terms and limitations of the acquisition agreement are included in this.
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