Hoechst to divest interest in Wacker-Chemie GmbH

18-Dec-2000
The shareholders of Wacker-Chemie GmbH, namely Hoechst AG, Frankfurt, and Dr. Alexander Wacker Familien GmbH, Munich, have agreed to restructure their ownership of the company.The 50 percent interest currently held by Hoechst AG is to be divested in a two step process by 2002. In January 2001, Dr. Alexander Wacker Familien GmbH, which also holds a 50 percent interest in Wacker-Chemie, will have the voting right majority and control of the company by way of a capital increase. Early 2002, the agreement envisages an acquisition by Dr. Alexander Wacker Familien GmbH of the Hoechst AG interest in Wacker-Chemie. The parties have agreed not to disclose the financial terms of the transaction. Wacker-Chemie of Munich, Germany, is one of the world's leading suppliers of semiconductors, polymers, silicones and materials. The company has over 17,000 employees worldwide and expects to generated sales of DM 5.9 billion (€ 3.0 billion) in 2000. Wacker-Chemie has production sites in Europe (12), the U.S. (9), Asia (5) as well as a global sales and marketing network with over 100 subsidiaries. As a result of the Formation of the life sciences company Aventis in December 1999 through the merger of Hoechst AG of Germany and Rhône-Poulenc SA of France, the function of Hoechst AG has changed. In the course of the business combination, 96.75 percent of Hoechst shares were exchanged for shares in Rhône-Poulenc; afterwards Rhone-Poulenc changed its name to Aventis and moved its company seat to Strasbourg. Hoechst AG consequently became a sub-group of Aventis and has been operating as an intermediate holding company since then. Aventis has announced its intention to divest its interest in the remaining industrial activities, including the 50 percent interest of Hoechst AG in Wacker-Chemie.

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