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Solvay announces move to acquire Rhodia

Chemicals group Solvay has moved to acquire French company Rhodia.

04 April 2011

Chemical specialist Solvay has announced a move to acquire French group Rhodia.

The pair have revealed that business negotiations have resulted in a framework agreement being signed, which will see the former make an offer for 100 per cent of the latter's share capital.

It was claimed that the acquisition will "accelerate the shared ambition" of the two companies to create a global chemical group, which is "committed to sustainable development".

Commenting on the move, Christian Jourquin, chief executive officer of Solvay, expressed his approval of the combination.

"I am convinced that this project based on the complimentary strengths of our forces will be supported by the employees of both groups," he said.

Similar comments were issued by Rhodia boss Jean-Pierre Clamadieu, who claimed the move presents a "fantastic opportunity" for the company.

Earlier in the month, it was revealed that house builder Talor Wimpey has sold off its assets in North America for $955 million (£593 million).

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