Solvay takes note of Brazilian competition authority’s rejection of Braskem acquisition of Solvay Indupa
Brussels, November 12, 2014 --- Solvay has taken note of the Brazilian competition authority’s (CADE) decision to reject the intended acquisition of Solvay’s 70.59 percent majority stake in Solvay Indupa by Brazilian chemical producer Braskem. The decision was taken during a public hearing held earlier today.
While Solvay is awaiting details of the decision, it confirms that its strategic direction remains unaffected. Solvay will, as soon as possible, examine alternative options to sell Solvay Indupa which is South America’s second-largest PVC producer and fourth-largest caustic soda producer.As an international chemical group, SOLVAY assists industries in finding and implementing ever more responsible and value-creating solutions. Solvay generates 90% of its net sales in activities where it is among the world's top three players. It serves many markets, varying from energy and the environment to automotive and aeronautics or electricity and electronics, with one goal: to raise the performance of its clients and improve society's quality of life. The group is headquartered in Brussels, employs about 29,400 people in 56 countries and generated 9.9 billion euros in net sales in 2013. Solvay SA (SOLB.BE) is listed on EURONEXT Brussels and EURONEXT Paris (Bloomberg: SOLB:BB - Reuters: SOLB.BR).