Solvay (Brussels / Belgium; www.solvay.com) has launched its cash takeover offer to shareholders of Rhodia (Paris / France; www.rhodia.com) following approval of the deal by all relevant authorities. In early April, Solvay said it would pay EUR 31.60 per share for the French chemical producer – see Plasteurope.com of 04.04.2011.

Rhodia’s board of directors has unanimously recommended acceptance of the offer, which represents a 50% premium over the 1 April 2011 closing and a premium of 44% over the average closing price of the past three months. The offer will run until 20 July 2011. The Belgian group said it reserves the right to squeeze out any remaining shares after receiving acceptance from 95% of Rhodia’s equity and voting rights.

Following the operations merger, Solvay said the new chemical and plastics group with expected sales revenue of EUR 12 bn and REBITDA of 1.9 bn will have 90% of its turnover in markets where it is one of the three global leaders. In an interview with the Bloomberg news agency, Rhodia CEO Jean-Pierre Clamadieu, who will become deputy CEO of Solvay following the deal and succeed CEO Christian Jourquin upon the latter’s retirement, hinted that Solvay will be looking for additional acquisitions.