Rhodia sells worldwide silicones business to China National Bluestar
Client(s) Rhodia SA
Jones Day advised Rhodia SA in the sale of its worldwide silicones business to China National Bluestar Corporation, a large-scale state-owned enterprise and a specialized subsidiary of ChemChina Group Corporation. Rhodia announced the signing of the agreement on October 26, 2006. French President Jacques Chirac and Hu Jintao, President of the People's Republic of China, were in attendance at the signing ceremony. The silicones business, which is situated mainly in Europe, generated sales of €417 million in 2005 and has a total of 1,200 employees. In addition to M&A representation, Jones Day provided antitrust, employment, environmental, intellectual property, and tax advice regarding this transaction.