Rhone-Poulenc To Seek 100% Stake In R-PR?
French chemical and pharmaceutical company Rhone-Poulenc has said thatit is considering the possibility of increasing its ownership of the health care unit Rhone-Poulenc Rorer from a current 68.3% stake to 100%.
The firm suggests that this could be done through a business combination with R-PR, which would entitle the public minority shareholders of the latter to receive $92 per share. Such a move would be proposed after the expiration on July 31 of the standstill period under the Rorer acquisition agreement of March 1990.
The total cost of such a move is put at 25 billion French francs ($4.3 billion). Rhone-Poulenc would raise its equity by 7 billion francs to cover part of the financing of such a transaction. Further details will be reported next week.
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