Belgian chemicals and plastics maker Solvay (SOLB.BR) pocketed 4.5 billion euros ($6.1 billion) in cash from the sale of its drugs unit last year and now faces a dilemma over how to invest that money. The company says it wants to invest in industrial assets, yet last month a Danish newspaper said it was outbid by DuPont (DD.N) in an auction of Danish enzymes group Danisco (DCO.CO). There is also talk Solvay's management board is split: to opt for smaller deals and return cash to shareholders, or snare one large acquisition. Latest Thomson Reuters Starmine data shows four analysts with a "buy" rating on Solvay and two with a "sell", while 15 have a "hold", reflecting deep uncertainty about its future.
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