Belgium“s Solvay has announced that it is unable to complete the acquisition of a majority stake in the Russian Berezniki soda ash, or BSZ soda ash plant from Sodium Group Investment Limited.
After …
Belgium“s Solvay has announced that it is unable to complete the acquisition of a majority stake in the Russian Berezniki soda ash, or BSZ soda ash plant from Sodium Group Investment Limited. After a five-month administrative procedure, Russia“s Federal Antimonopoly Service (FAS) cleared Solvay“s proposal to acquire a majority ownership of BSZ on 4 June, and authorized the Bashkhim Group of Companies to acquire control of BSZ soda ash plant. The Sodium Group decided to sell its majority ownership in BSZ to the Bashkhim Group of Companies on 9 June, resulting in Bashkhim gaining 65% control of the Russian soda ash market. Solvay said that it is “deeply disappointed” by the administrative process which led to this outcome.