Abstract
BELGIAN CHEMICAL MAKER Solvay has made a cash tender offer to buy France’s Rhodia for $4.8 billion, a move that will accelerate Solvay’s expansion into fast-growing developing markets and nearly double its global sales. The acquisition of Rhodia will create “a major global chemicals platform under the banner of Solvay,” CEO Christian Jourquin says. In addition, the deal will allow Solvay to deploy cash it has been sitting on since selling its pharmaceuticals business to Abbott Laboratories for $7.6 billion more than a year ago. Coming on the heels of Clariant’s February agreement to buy Sud-Chemie for $2.6 billion (C&EN, Feb. 21, page 10), the purchase will continue consolidation in the European chemical industry. Rhodia’s board of directors has approved the combination, which would have ranked Solvay as the world’s 17th-largest chemical company in C&EN’s most recent Global Top 50 survey. The new firm will have $17 billion in annual sales, 40% of which ...
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