Solvay To Launch Formal Offer For Rhodia On July 4

Belgian chemicals group Solvay said on Thursday it will formally launch its agreed €3.4 billion ($4.9 billion) bid for French group Rhodia on July 4, subject to regulatory approvals.

Solvay gave an indicative timetable in its offer document, published on Thursday, saying the offer period would end on Aug. 19 with the result announced on Sept. 1.

Cash-rich Solvay has been searching for a takeover target since it sold its drugs unit to its U.S. partner Abbott Laboratories in September 2009 for €4.5 billion.

On Monday, it announced a €31.60 per share offer for Rhodia, saying the deal would boost its exposure to emerging markets and specialty chemicals.

Solvay also said it was studying the feasibility of trading its shares on NYSE Euronext Paris.

Morgan Stanley advised Solvay on the deal, and Credit Suisse and BNP Paribas advised Rhodia.