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February 16, 2010
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Solvay announces today it is launching a treasury share investment program. In accordance with the financial transparency rules and legislation, is the description of the treasury share investment program as follows:
The Extraordinary Shareholders' Meeting of 12th May 2009 authorized the Board of Directors for a period of five years to acquire on the stock exchange up to a maximum of 16,940,000 of the company’s own shares, at a price between 20 EUR and 150 EUR.
In the framework thereof, the Board of Directors decided to initiate an investment program of maximum 5.1 million of the company’s own shares. This decision was subject to the closing of the sale of the company’s pharmaceutical activities to Abbott. The closing of this transaction was announced today in a separate press release.
A credit institution has been mandated for a period of one year starting today to execute this investment program which is currently intended as a temporary investment of the cash resulting from the sale of the pharmaceutical activities before reinvestment in industrial assets.
On 12 February 2010 Solvay held through its indirect subsidiary Solvay Stock Option Management 2,908,618 Solvay shares or 3.43% of the issued Solvay shares.
In line with the applicable regulations, Solvay will report the details of the transactions under this program on its website.
SOLVAY is an international industrial Group active in Chemistry. It offers a broad range of products and solutions that contribute to improving quality of life. The Group is headquartered in Brussels and employs about 19,000 people in 50 countries. In 2009, its consolidated sales amounted to EUR 8.5 billion. Solvay is listed on the NYSE Euronext stock exchange in Brussels (NYSE Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR). Details are available at www.solvay.com.
For further information please contact:
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