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.
- Agrochem giant to close 50 plants?, FWi, 22 February, 1999
- Aventis merger “a good fit”, FWi, 21 December, 1998
- Unions approve Hoechst merger, FWi, 09 December, 1998
- Aventis to become agrochem giant, FWi, 04 December, 1998
- Investors cool on Aventis birth, FWi, 03 December, 1998
- Financial Times 17/03/99 page 25