Solvay SA (“Solvay” or the “Company”) has recently announced that it has published materials for its Extraordinary Shareholders’ Meeting (the “Meeting”), which will be held on Friday December 8, 2023 in Brussels.
Nicolas Boël, Chairman of Solvay: “Our shareholders will now have the opportunity to vote and approve the separation into two independent companies - the new Solvay and Syensqo - which has been transparently and dutifully delivered on time by Solvay’s Executive Leadership Team in the form which has gained the confidence of the market over the past year. This next exciting chapter of our more than 160-year history promises to carry on the strong legacy which it leaves behind, and carry forward two unique stories to benefit the many dedicated stakeholders who I have personally been in service to as a board member since 1998.”
The entire Board and the Executive Leadership Team unanimously recommend Solvay’s shareholders to support all items coming to a vote at the Meeting. Their support would allow them to create two leading groups in their respective industries, which will each have the strategic and financial flexibility to develop their own business models, markets, investments, sustainability roadmaps, and pursue respective priorities for their stakeholders. The Executive Leadership Team has approached the project as an IPO of Syensqo and a re-birth for Solvay, motivated by a strong desire to ensure that investors fully understand and appreciate the strengths of each distinct business and make an informed investment choice in staying invested in both companies. Undeniably, these two companies will embark on a new journey and will aim higher than before.
Solvay shareholders at the time of separation will receive shares in Syensqo pro rata to their shareholding in Solvay SA. The shares of each company will be listed on Euronext Brussels and Euronext Paris.
The two entities’ governance structure, which was announced on November 3, 2023, will also increasingly aim to reflect not only the best practices stipulated by the Belgian Code on Corporate Governance but also international best practices to reflect our global presence. The respective boards of the new Solvay and Syensqo have been composed with a majority of independent members with relevant experience, skills, and diversity to effectively oversee the two distinct executive management teams and protect the interests of all stakeholders.
Meeting information:
Only shareholders of Solvay SA who are officially recorded as of November 24, 2023 at midnight CET will have the right to participate and vote at the meeting on December 8, irrespective of the number of shares they hold on the day of the meeting.
The meeting will be organized in a hybrid manner, both in person and virtually. Shareholders can participate physically in the Meeting. Alternatively, they can exercise their rights either by granting a proxy or by participating and voting live in a virtual and interactive manner via the Lumi's AGM+ platform.
Shareholders who wish to participate at the meeting, either in person or digitally, should declare their intentions no later than December 2, 2023 at the latest.
