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Activist shareholder Bluebell Capital wants CEO Ilham Kadri to leave Solvay. The fund accuses Kadri of not addressing the environmental problems in an Italian factory.
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This is apparent from a letter that Bluebell Capital Partners wrote to Nicolas Boël, the chairman of the chemical company. Bluebell denounces that Kadri would not address the environmental problems on the Tuscan coast near Rosignano. There Solvay . has
a sodium carbonate plant. According to Bluebell, Solvay discharges chemical waste into the sea. Solvay has always denied this, stating that it only discharges harmless, non-toxic and natural materials to the sea.
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Bluebell raised the issue last year, which resulted in a major article in the British newspaper Financial Times. ‘Rosignano looks like a pristine Caribbean seaside town, but that apparent paradise is an illusion. It is an open landfill for Solvay’s industrial chemical waste,” said Guiseppe Bivona, Bluebell’s co-founder, at the time.
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Snow white sludge
Solvay responded that it meets all environmental requirements, although the discharges are visible. The sludge is snow white because of the lime and plaster residues it contains. In the meantime, the factory, together with the entire soda branch, has been placed in a separate entity. Some say with the intent to sell them.
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lham Kadri has the full support of the board of directors as CEO.
Nicolas Boel
President Solvay
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However, Kadri’s position seems safe. ‘lham Kadri has the full support of the board of directors as CEO’, says chairman Boël in a reaction. “Since her appointment in 2019, she has taken bold steps to shape the company’s strategy and align the portfolio with strong sustainability trends. As a result, Solvay delivers on its promise to create value for shareholders, customers and all stakeholders.”
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Danone
It is not the first time that Bluebell has demanded the departure of top executives. At the beginning of this year, the activist investment fund asked for Danone CEO Emmanuel Faber to resign, because he had taken too few measures, causing Danone to lag behind rivals such as Nestlé and Unilever. Faber is meanwhile to replace door Antoine de Saint-Affrique.
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Bluebell is only a minor player. According to the Financial Times, the fund manages more than 60 million euros. The fund often partners with the much larger US activist investor Elliot Management. According to our information, Bluebell would not have a significant position in Solvay, rather a tiny one to fire questions at the general meeting.
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