M&G quashes speculation of Rhodia bid

18 May 1998 00:00  [Source: ICB]

Italian group Mossi & Ghisolfi (M&G) has denied rumours that it will acquire Rhodia's European polyester staple and resin business.

Guido Ghisolfi of M&G, the parent company of PET technology group Sinco Engineering and PET manufacturer Cobarr, denied that the group was interested in Rhodia's polyester. But he said M&G had recently taken over Rhône-Poulenc's cellulose acetate customers after Rhône-Poulenc closed cellulose acetate production in Tubiz in Belgium (ECN 17 March 1997).

With Rhodia preparing for its initial public offering (IPO) towards the end of June and last month's completion of the sale of its polyester textile yarns producer, Setila, to Swordward, speculation centred on possible buyers for its staple and PET resins plant at Gauchy in France.

Earlier this year Rhodia sold its polyester films business to the New York investment fund, Rhône Capital.

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