Word: solvaye
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...Those people whom we saw seemed sincerely to understand that if no solution is reached by, say, the end of January, the continuing uncertainty may trigger a trade war," said Count René Paul Boël, of Belgium's giant Solvay chemical company. "Nobody wants a trade war, so I consider that there is a willingness on both sides of the Atlantic to push trade and monetary negotiations as fast as possible. I feel there is a real possibility of bilateral or other negotiations being opened on the subject of revaluation of currencies...
...little investors into their operations. In France, the Rothschild Bank chose its 150th anniversary to announce that Messieurs de Rothschild Freres, as the bank is formally known, is expanding from investment banking into a commercial bank serving smaller depositors. And in Belgium, the huge chemical company of Solvay et Cie. held a meeting at which 1,800 family "partners" discussed increasing Solvay's capital by selling shares to the European public...
...Solvay will also remain in family control for the foreseeable future. Meeting in Brussels, the 1,800 partners agreed with courtly Baron Rene Boel, their managing director, that accelerated technological progress and increased competition made it necessary to seek public capital. They voted to ante up $40 million more themselves. Eventually Solvay partners will reap a four-for-one stock split, and since not all of the new shares will be fully negotiable, the family will remain the biggest shareholder in the chemical complex that grew from Ernest Solvay's 106-year-old process for making chemical soda into...
Antwerp's greatest expansion is in chemicals. Belgium's own Solvay is putting up a polyethylene plant. The U.S.'s Phillips Petroleum is joining with Belgian partners in a $190 million naphtha plant and with France's Rhone-Poulenc in another venture. Union Carbide has $40 million in construction under way; next month a $20 million Monsanto plant will go into operation. With all this, four major U.S. banks have branched into Antwerp in the past year...
...even more striking effect of the merger is that it will link la Générale with another Belgian giant: the Solvay chemical empire, one of the world's biggest family-owned firms. Solvay has long held a controlling interest in the Société Belge de Banque; but the bank's limited deposits of $175 million have proved increasingly inadequate for Solvay's growing needs. Solvay can now tap the vast resources of the banks with which it is merging, and la Générale will strengthen its connection with...