Solvay- using its cash hoard for an acquisition?

While its outlook remains challenging, Solvay reported a strong set of results for Q1-2010, especially a volume jump in its Plastics division and good progress in pulp & paper, construction business etc. Solvay has cash to spend after selling its pharmaceuticals business last February and a redeployment of its cash proceeds likely near-term. The question is where?

There are many possibilities for Solvay’s acquisition: Croda International and/or Symrise which are relatively stable; on the other hand, Solvay could buy one of the struggling companies like Arkema, Clariant, Rhodia, and Umicore etc. The real question is: would Solvay act to transform the company (risky) to be a major long-term value player or will it just satisfy the street/market by looking at the short-term (safe) benefit?