PE HUB First Read

First Read begins your morning with news that Solvay is buying Cytec Industries for $5.5 billion, Chevron is cutting 1,500 jobs to help cut costs by $1 billion and Microsoft launches Windows 10.

Solvay Invests in Sofinnova Partners’ Green Seed Fund

The Brussels-based, publicly traded chemical group Solvay has made an investment of five million euros in a new, Green Seed Fund, launched by the venture capital firm Sofinnova Partners. The fund recently held its first close, having collected 22.5 million euros.

$35.9M invested in Korea Advanced Materials Fund

International chemicals group Solvay, Korea Venture Investment Corp (KVIC) and AJU IB Investment have invested EUR26 million ($35.9 million) in the Korea Advanced Materials Fund. The fund will invest in renewable energy, printed electronics, clean technologies and green chemistry. Solvay will invest EUR 13 million ($17.9 million) and KVIC and AJU IB Investment will each put in EUR 6.5 million ($8.9 million). The Fund will be managed by AJU IB Investment.

Nycomed May Up Solvay Unit Bid as Sale Decision Looms

LONDON (Reuters) – Nycomed, the private equity-owned Swiss drugmaker, is looking at sweetening its bid for Solvay’s (SOLB.BR) drugs unit with the Belgian chemical and drug maker’s board set to meet to decide on the unit’s future. Sources familiar with the matter said Solvay’s board would meet on either Friday or Saturday to discuss the […]

Nycomed Bids on Solvay

LONDON (Reuters) – Nycomed, the private equity-owned Swiss drugmaker, recently made a fully financed 4 to 4.5 billion euro ($5.88 to $6.62 billion) offer to buy Solvay SA’s (SOLB.BR) drug unit, people familiar with the matter said. As reported by Reuters in August, Nycomed would fund any buyout of the Belgian pharmaceutical business by high-yield […]

Nycomed Bids for Solvay’s Pharma Business

LONDON (Reuters) – Private-equity owned Nycomed and a Japanese drugs company are in the early second round of an auction for all of Solvay’s pharmaceuticals business, a person familar with the matter said on Wednesday. Analysts reckon the Belgian chemicals and drug maker’s Solvay Pharmaceuticals unit could fetch 5 billion euros ($7 billion) or more, […]

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