Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Belgium
  4. Euronext Bruxelles
  5. Solvay SA
  6. News
  7. Summary
    SOLB   BE0003470755

SOLVAY SA

(SOLB)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Activist Bluebell urges Solvay's board to oust CEO over sea discharge

09/15/2021 | 07:07am EDT

* Bluebell campaigned for a year to halt Solvay plant dumping

* CEO Kadri in "total denial" over impact, Bluebell says

* Solvay says discharge harmless, all within regulations

* Kadri has full support of board, says chairman

LONDON, Sept 15 (Reuters) - Activist Bluebell Capital Partners has urged Belgian chemicals company Solvay to replace Chief Executive Ilham Kadri, saying she had failed to stop the discharge into the sea of waste from a soda ash production plant in Italy.

The move is part of Bluebell's campaign aimed at creating change at companies it says are falling short on environmental, social and governance (ESG) issues and reflects a growing trend among activists to target companies over ESG shortcomings.

Bluebell began engaging with Solvay in September 2020 over the damage it says is being caused by the dumping into the sea of soda ash waste from Solvay's Rosignano factory.

Solvay has a website https://www.solvay.com/en/rosignano dedicated to explaining the issue. It says the discharge is harmless and non-toxic, and the process complies with all relevant laws. The board chairman also said Kadri had the board's full support.

Unlike Bluebell's successful bid to remove the boss of French food group Danone, from which the activist investor profited, the Solvay campaign is effectively pro bono, aiming to galvanise other investors interested in sustainability issues.

In its letter to Solvay's board seen by Reuters, Bluebell said Kadri was in "total denial" over the environmental and social impact of the discharge at the centre of the dispute.

"Any responsible CEO committed to sustainability, should stop the company from annually dumping on the shore and then into the sea up to 250,000 tons of its production wastes," it said, adding that it should stop even though the company described the materials as non-toxic or inert.

"We at Bluebell have finally lost faith, trust, and confidence in CEO Kadri, and we urge the board to exercise its stewardship by initiating the process to empower a new leadership," it said, adding that Bluebell had waited a year for action by the CEO but this had not been forthcoming.

Solvay's Chairman Nicolas Boël said in a statement that Kadri had the board's "full support".

"Since her appointment in 2019, she has taken decisive action to shape the company’s strategy and align its portfolio with powerful sustainability trends, while also implementing an ambitious new sustainability program, Solvay One Planet," he said.

Bluebell declined to outline its next steps.

More investors have been seeking out companies with a good ESG performance or have pushed for change at laggards.

U.S.-based activist Engine No. 1 secured support this year from investors for its bid to replace several board members at Exxon Mobil over the oil major's handling of climate issues.

In Germany, activist ENKRAFT has taken a stake in RWE and has called for the energy firm to spin out its brown coal activities, which have weighed on its share price. (Reporting by Simon Jessop; Editing by John O'Donnell and Edmund Blair)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DANONE -0.57% 55.85 Real-time Quote.4.54%
RWE AG 1.75% 33.17 Delayed Quote.-5.73%
SOLVAY SA 0.90% 106.4 Real-time Quote.8.85%
All news about SOLVAY SA
10/20SOLVAY : accelerates innovation on next-gen solid-state EV batteries
AQ
10/14SOLVAY : Consensus of Analysts' Estimates > pre-Q3 2021
PU
10/07GLOBAL MARKETS LIVE : General Motors, Apple, Tesco, Sika, Fortescue...
09/16GLOBAL MARKETS LIVE : Thales, Nestlé, Evergrande, AMC, Walmart...
09/16SOLVAY : Completes Installation Of New Thermoplastic Composite Capacity In US Plant
MT
09/16SOLVAY : adds new thermoplastic composite capacity in the United States
AQ
09/16Solvay Sa Adds New Thermoplastic Composite Capacity in the United States
CI
09/15EXCLUSIVE : Activist Bluebell urges Solvay's board to oust CEO over sea discharge
RE
09/15Activist Bluebell urges Solvay's board to oust CEO over sea discharge
RE
09/15SOLVAY : Board Backs CEO As Bluebell Capital Seeks Ouster Over Chemical Waste Dumping
MT
More news
Analyst Recommendations on SOLVAY SA
More recommendations
Financials
Sales 2021 9 566 M 11 109 M 11 109 M
Net income 2021 645 M 749 M 749 M
Net Debt 2021 3 482 M 4 043 M 4 043 M
P/E ratio 2021 15,7x
Yield 2021 3,68%
Capitalization 10 878 M 12 633 M 12 632 M
EV / Sales 2021 1,50x
EV / Sales 2022 1,40x
Nbr of Employees 23 000
Free-Float 66,7%
Chart SOLVAY SA
Duration : Period :
Solvay SA Technical Analysis Chart | SOLB | BE0003470755 | MarketScreener
Technical analysis trends SOLVAY SA
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 105,45 €
Average target price 123,18 €
Spread / Average Target 16,8%
EPS Revisions
Managers and Directors
Ilham Kadri CEO & Non-Independent Director
Karim Hajjar Chief Financial Officer
Nicolas Jacques Boël Chairman
Philippe Warny Head-Research, Development & Technology
Hervé François André Coppens d'Eeckenbrugge Independent Director
Sector and Competitors
1st jan.Capi. (M$)
SOLVAY SA8.85%12 633
SAUDI BASIC INDUSTRIES CORPORATION33.33%108 137
AIR LIQUIDE6.46%78 433
WANHUA CHEMICAL GROUP CO., LTD.21.51%54 388
GANFENG LITHIUM CO., LTD.68.77%36 418
LYONDELLBASELL INDUSTRIES N.V.6.49%32 652