Belgium’s Solvay to buy out Societe Generale’s stake in Orbeo

25 November 2011 09:02  [Source: ICIS news]

SINGAPORE (ICIS)--Belgian specialty chemicals firm Solvay will buy out French financial institution Societe Generale’s stake in Orbeo for an undisclosed amount, Solvay said on Friday.

Orbeo is a 50:50 joint venture between Societe Generale and Rhodia, which was acquired by Solvay this year.

After the buy-out, Orbeo will become a wholly owned subsidiary of Rhodia, Solvay said in a statement.

The transaction is expected to be finalised at the end of 2011, subject to France's Prudential Supervision Authority withdrawing its approval of Orbeo as an “investment company”.

Rhodia and Societe Generale would be ending five years of partnership in providing industrial and financial expertise in the carbon markets, Solvay said.

Orbeo was formed a year after the creation of carbon-trading markets in 2005, the year in which the Kyoto Protocol, an international agreement to reduce greenhouse gas emissions, came into force in Europe.

By: Pearl Bantillo
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly