Solvay S.A. ADROTCPK - Current
Dec. 3, 2015, 8:48 AM
- Solvay (OTCPK:SVYZY) has launched a share issue to existing shareholders to complete funding for the $5.5B purchase of Cytec Industries (NYSE:CYT).
- Existing shareholders will receive the right to buy one new share at 70.83 euros for every four existing shares.
- The rights subscription period will last until Dec. 15. with settlement on or around Dec. 21.
- Previously: EU clears Solvay-Cytec deal with conditions (Dec. 02 2015)
Dec. 2, 2015, 9:03 AM
- The European Commission has approved Belgian chemical group Solvay's (OTCPK:SVYZY) planned $5.5B purchase of Cytec Industries (NYSE:CYT).
- The decision is conditional on Solvay divesting activities in phosphor-based solvent extraction, used in the mining sector to separate cobalt from nickel.
- Previously: Solvay to buy Cytec (Jul. 29 2015)
Jul. 29, 2015, 3:01 AM
- Belgian chemical group Solvay (OTCPK:SVYZY) has agreed to buy Cytec Industries (NYSE:CYT) for $6.4B, including debt, to become the world's second-largest maker of aerospace composite materials.
- The Belgian group will finance the transaction with a €1.5B ($1.66B) rights issue, €1B of hybrid instruments and a senior debt issue.
Sep. 4, 2014, 6:50 AM
- Solvay (OTCPK:SVYZY) will buy Ryton PPS, a specialty polymers business, from Chevron Phillips (CVX, PSX) for $220M.
- The acquisition includes Ryton PPS's resin manufacturing units in Texas, pilot plant and research and development laboratories in Oklahoma and compounding plant in Belgium.
- The transaction is expected to be completed in Q4 of 2014.
Nov. 25, 2013, 4:31 AM
- A number of international companies could benefit from the easing of sanctions on Iran, including in the areas of cars, petrochemicals, aviation parts, gold, and insurance for oil cargoes.
- Peugeot Citroen and Renault are particularly pleased, while Bayer (BAYZF), synthetic rubber supplier Lanxess (LNXSF), France's Arkema (ARKAF), and Belgium's Solvay (SVYSF) could also benefit.
- However, because the EU's oil embargo will remain in place, major oil providers such as Total (TOT), Eni (E) and Statoil (STO) won't enjoy an immediate boon.
- American companies don't stand to profit either, due to a decades-old ban on trade between the U.S. and Iran.
Oct. 7, 2013, 7:14 AM
- Solvay (SVYSF.PK) has agreed to acquire privately held Chemlogics for $1.345B in a deal that will increase the Belgian chemicals and plastics maker's exposure to the U.S. oil and gas industry.
- The market for chemicals in the sector is projected to increase 6% a year, boosted by fracking and deepwater drilling.
- Chemlogics has 277 employees and generated $500M of sales in the last 12 months.
Sep. 29, 2011, 3:33 PMHoneywell (HON +0.2%) wins a jury verdict in its patent infringement case with Solvay (SVYZY.PK). Solvay had sued Honeywell in 2006, claiming it had stolen technology to replace ozone-depleting chlorofluorocarbon refrigerants, but jurors ruled today that the patent was invalid. | Sep. 29, 2011, 3:33 PM