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Article: Grande Paroisse Devalues Shares to pay for Explosion. (Companies).(Brief Article)
- Article from:
- Chemical Week
- Article date:
- February 13, 2002
- Author:
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Grande Paroisse (Toulouse, France), a subsidiary of Atofina, has announced a recapitalization plan that drastically shrinks shareholder capital to fund compensation as a result of the explosion at its Toulouse plant last year (CW, Sept. 26, 2001, p. 9). Atofina owns 80% of Grande Paroisse; the other 20% is traded on the Paris Stock Exchange.
The recapitalization will not change in the number of shares, says Grande Paroisse. The nominal value of each share will be reduced from [euro]15.2($13.2)/share, to [euro]l/share, thus reducing the share capital from [euro]45.6 million, to [euro]2.3 million, says the company. The balance of the equity, ...