November 25, 2011
Societe Generale said on Friday to give Rhodia (Solvay) its 50% interest in Orbeo, the company dedicated to the carbon markets, equally owned by both groups.
Orbeo, based in Paris, was founded in 2006 at par by the bank and the French chemist, in the context of the creation of carbon markets in 2005 and the implementation of the Kyoto Protocol in Europe.
The Solvay has already acquired half of this year by acquiring Rhodia Orbeo.When it has, by January 1, acquired the participation of SocGen, it will therefore control the whole.
"Rhodia Energy wishes to strengthen its commitment to the fight against climate change by making full use of industrial know-how of Rhodia and Solvay and expanding its offering in the integrated management of energy and CO2 emissions," said Solvay in a statement.
The terms of the agreement were not disclosed
An analyst with SocGen said the agreement had no connection with the collapse in prices of units of certified emission reductions, which reached Friday morning a new record low of 4.40 euros.
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