The Board of Directors of Solvay yesterday decided that the extraordinary shareholders’ meeting to vote on the proposal to separate Solvay into two independent listed companies will take place on December 8, 2023.
This represents a key step in the project to create two industry leaders: Syensqo, a leader in specialty chemicals focused on above-market growth, innovation and sustainability, and Solvay, a leader in essential chemicals focused on cash generation, operational excellence and sustainability.
Solvay also announced that it has received rulings from tax authorities in Belgium and the United States confirming that, subject to certain conditions, the transaction will qualify for favorable tax treatment for Solvay and its Belgian and U.S. shareholders. The rulings will be described in the prospectus that will be published in mid-November by Syensqo in connection with the future trading of its shares on the regulated markets of Euronext Brussels and Euronext Paris.
The formal partial demerger proposal adopted by the Board will be filed in the coming days with the clerk’s office of the Brussels Enterprise Court, and will be published on Solvay’s website. The convening notice for the extraordinary shareholders’ meeting will be published early November 2023, in accordance with applicable laws.
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19 October 2023
