Syensqo, a Belgian chemicals company, has successfully spun out from Solvay and made its debut as a standalone entity on Euronext Brussels and Euronext Paris. With an impressive market capitalization of 9.53 billion euros ($10.26 billion), Syensqo's shares made a strong start in the market.
At the opening bell, Syensqo shares were traded at EUR90, marking a 4.2% rise to EUR93.78 at 0927 GMT. Simultaneously, shares of Solvay witnessed a decline of 32% to EUR19.86.
Equita SIM analyst Massimo Bonisoli commented, "We believe that the upside of the shares in the new two-company structure lies almost exclusively in Syensqo," emphasizing the positive prospects for Syensqo.
The split of Solvay into two entities, namely Solvay and Syensqo, was approved by Solvay shareholders on Friday. This decision, initiated last year, aimed to differentiate the group's specialty-chemicals operations under the name Syensqo from its essential-chemicals operations, including mono-technology businesses, which retained the Solvay brand.
Ilham Kadri, the former chief executive of Solvay, now leads Syensqo as its CEO while Philippe Kehren serves as the head of Solvay.
In the previous year, Syensqo recorded net sales of EUR7.89 billion and a net profit of EUR950 million, as per the company's registration document. The strong financial performance sets a promising foundation for its future endeavors.
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