Carbon Reduction Acquisition Solvay Takes Over Complete Ownership of French Carbon Reduction Company
Solvay announced plans to take over the complete ownership of Orbea, a joint operation in carbon reduction of Solvay and French Société Générale.
Brusseles/Belgium – Solvay enters the Carbon market by acquiring a further 50 percent interest in Orbeo. Orbeo, a carbon reduction, abatement and trading operation created by Solvay's Rhodia Energy business and French banking giant Société Générale, will thereby become a 100 percent Solvay business. Company officials state that this development will enhance Rhodia's contribution to the fight against climate change by taking full advantage of the industrial expertise developed by Solvay and Rhodia and by expanding its range of solutions in the area of the integrated management of energy and CO2 emissions.
By the end of the acquisition process Orbeo's personnel will join Rhodia Energy; allowing the company to capitalize on the wealth of their combined expertise acquired in the carbon markets and the development of greenhouse gas emission abatement projects. he completion of this transaction - which should be finalized at the end of 2011 - is subject to the withdrawal by the French Prudential Supervision Authority (Autorité de Contrôle Prudentiel) of its approval of Orbeo as an "investment company."