17 March 1999
Hoechst advances Rhône-Poulenc merger

HOECHST yesterday advanced the date of its merger with Rhône-Poulenc by two to three years in a bid to win the support of the Kuwait Petroleum Corporation (KPC).

The original plan for the merged company would have created Aventis Hoechst and Aventis Rhône-Poulenc on 1 July.

After that, both companies were to divest their remaining chemicals activities, with a full merger originally planned for late 2001 or 2002.

The full merger will now be complete by the end of the year because KPC, which has a 24.5% stake in Hoechst, wants the deal to boost the value of its stake.