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Solvay Submits Bid To Acquire Rhodia

Brussels-based plastics and chemicals conglomerate Solvay S.A. and Paris-based Rhodia — a chemical conglomerate comprising 11 business units including Polyamide & Intermediates, Fibras, and Engineering Plastics based on polyamide 6,6, among other businesses — have signed an agreement for Solvay to acquire 100 percent of Rhodia at 31.60 euros per share ex-dividend of 0.5 euros, a cash offer valuing Rhodia's equity at 3.4 billion euros and the enterprise at 6.6 billion euros. The transaction, which is subject to regulatory approvals in the European Union and in the United States, is expected to create a new group with complementary businesses and synergies, and with annual sales of 12 billion euros, and earnings before interest, taxes, depreciation and amortization minus non-recurring elements totaling 1.9 billion euros.

According to the joint announcement made by the two companies, "the creation of a new group will accelerate the shared ambition to create a large global chemical company committed to sustainable development. The new group will capitalize on its large geographic footprint, the quality and balance of its portfolio, its industrial excellence and the solidity of its financial base to fully capture new growth opportunities, especially in high-growth markets."

May/June 2011