Special Committee At Rhone-Poulenc Rorer

The Franco-American pharmaceutical company Rhone-Poulenc Rorer, which is68.3%-owned by the French chemical and pharmaceutical company Rhone-Poulenc, has formed a special committee to review any proposal its parent company may make to acquire full control. R-P has indicated that it is considering this move as part of a major business refocus (Marketletter July 7).

The committee of three independent directors is being directed to retain whatever advisors its deems appropriate, including independent legal counsel and investment bankers.

R-P could make a $3.4 billion bid to acquire 100% of its subsidiary, once the "standstill" agreement, which relates the purchase of Rorer in 1990, expires at the end of the current month.