Aventis launches "Horizon" - an innovative stock purchase program for employees
Strasbourg, France - Aventis, a world leader in pharmaceuticals and agriculture, has launched an innovative worldwide stock purchase program named "Horizon," which offers the employees in the Aventis Life Sciences business the opportunity to share in the company's potential value.
"We strongly believe that true and sustainable success for Aventis can only be achieved through motivated and skilled people that are committed to delivering excellent results. Therefore, we wish to associate all employees more tightly to the potential value increase of our group. Horizon has been designed to offer all our colleagues working in life sciences businesses the opportunity to take a stake in their company," said Jürgen Dormann, Chairman of the Board of Management of Aventis, and Jean-René Fourtou, Vice Chairman of the Board of Management.
In principle, the employees are entitled to purchase Aventis shares at a discount of 15 percent up to a limit of 25 percent of their annual gross salary, and in return they are required to hold these shares until April 1, 2005.
The program is implemented in a similar way in more than 50 countries, subject to the local tax and legal regulations. In total, up to 95 percent of the Aventis life science employees are entitled to participate in "Horizon." The enrollment period started in the different countries in mid-September and will end in mid-October.
In most of these countries, the employees will be offered two investment options that can be combined:
Option A: Employees can purchase shares at 69.71 euros, a 15 percent discount to the average opening price based on the 20 trading days prior to August 30, 2000 (82.01 euros) and receive dividends each year during the holding period.
Option B: Each employee can purchase a limited number of shares, still with the 15 percent discount and also take advantage of a leverage effect. This leverage effect offers employees a chance to multiply their gains depending on the increase in the share price at the end of the holding period, which is April 1, 2005. These gains are paid out in additional shares.
"Horizon was put together by an international and cross-functional network of teams at the Aventis headquarters and in the respective countries. The preparation and the launch of an ambitious program like Horizon, just nine months after the creation of Aventis, are contributing to the ongoing worldwide integration process," said René Pénisson, Chief Human Resources Officer.
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