On August 5 the European Commission gave its approval for Belgium-based chemical company Solvay’s acquisition of Rhodia. Following this approval, the French Financial Markets Authority AMF has set the closing date of the friendly public takeover bid as Wednesday 24 August 2011. Solvay is offering 31.60 euros per Rhodia share and 52.30 euros for Oceane convertible bonds. As all prerequisite authorisations for the offer have been obtained, execution of the offer is now solely subject to a minimum acceptance level of 50 per cent plus one share on a fully diluted basis.