M&G COMPLETES OBLIGATIONS FOLLOWING ACQUISITION OF RHODIA-STER

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M&G COMPLETES OBLIGATIONS FOLLOWING ACQUISITION OF RHODIA-STER
13 June 2003 - M&G Group

Mossi & Ghisolfi International S.A. ('M&G') today confirms that on 9th June, as required under Brazilian law, it made an offer ('Tag-Along Offer') to acquire any remaining shares in Rhodia-ster S.A. ('Rhodia-ster') following the acquisition of the controlling interest from Rhodia Brasil Ltda ('Rhodia').

Combined with this offer was a De-listing Offer in the event that two thirds of the remaining shareholders decided to accept M&G's offer. The combined offer was made on 9 June 2003 by auction at the Sao Paolo Stock Exchange - BOVESPA.

The M&G offer provided shareholders with two options;-

In the first option, M&G's offer price was 80% of the price it has agreed to pay Rhodia. However, that actual final price is dependent upon a number of future events and cannot be defined precisely at present.

In the second option, M&G offered to pay a cash price of BRL 37.39 per 1000 shares.

Certain shareholders made a competing offer and, during the auction on June 9th, offered a cash price of BRL 70.00 per 1000 shares. A small number of shares were acquired under the competing offer.

M&G now owns 88.44% of the total shares in Rhodia-ster and has satisfied its legal obligations under Brazilian law. M&G has no legal obligation to make any further offer to the other shareholders and is now focusing on the business of Rhodia-ster.

http://www.mgpolymers.com

About: M&G Group
M&G is a family owned chemical engineering company headquartered in Tortona, Italy. It develops innovative and cost effective PET resins for container packaging and is presently the world’s second largest producer of PET for packaging applications with production capacity of 1.3 million tonnes per annum. Group sales proceeds in 2003 were $1.6 billion of which around 80% were derived from operations involving PET.

M&G Group is divided into three business units, PET Polymer, PET Packaging and Acetates. In Europe, M&G has capacity to produce around 2.5 billion preforms per annum at two locations in Italy. It operates the largest SSP unit in North America and has the current world’s largest PET production unit (1200t/d) at its Altamira facility in Mexico. The Group has manufacturing assets in Brazil, Italy, Mexico and USA. The Group supports three R&D Facilities; Italy, USA and Brazil.

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