Davis Polk is advising Solvay SA on its acquisition of Société Générale’s equity interest in ORBEO SAS, the 50/50 joint venture dedicated to the carbon markets. Once the transaction is completed, ORBEO will become a wholly owned subsidiary of Rhodia Energy, a subsidiary of Solvay. ORBEO was created in 2006 by Rhodia (50%) and Société Générale (50%) following the creation of carbon-trading markets in 2005 and the application of the Kyoto Protocol in Europe. This acquisition illustrates the determination of the Solvay Group to continue Rhodia’s drive to develop its activities in the area of greenhouse gas emission abatement. The completion of the transaction should be finalized at the end of 2011 and is subject to the withdrawal by the French Prudential Supervision Authority (Autorité de Contrôle Prudentiel) of its approval of ORBEO as an “investment company.”

The Davis Polk team includes partner Jacques Naquet-Radiguet and associate Hadrien Schlumberger. All members of the Davis Polk team are based in the Paris office.