The week in business: 31 July

Chemicals • Solvay

The Brussels-based chemicals giant has announced the takeover of Cytec of New Jersey at a cost of €5 billion, the company said. Cytec specialises in chemicals for the mining industry as well as the aerospace and automobile industries, and employs 4,600 people worldwide. The deal will call on Solvay to go to its shareholders to raise €1.5 billion in new capital.

Finance • Microstart

Microstart, which offers micro-credit of €500 to €15,000 to entrepreneurs who have trouble financing their ideas in the traditional way, has made its 1,000th loan, to a start-up. Since its beginnings in Belgium, the Brussels-based credit institution has loaned €10 million to fledgling businesses. The 1,000th loan went to a social grocery in Sint-Agatha-Berchem, Brussels.

Horeca • Wasbar

The cafe and laundrette that started in Ghent before spreading to Antwerp and Kortrijk has been sold by its founders to Top Brands, the company behind the Pizza Hut chain. Founders Dries Henau and Yuri Vandenbogaerde will retain a minority share and continue to work to grow the brand in other towns.

Technology • neoScores

The Antwerp start-up, which specialises in creating digital versions of orchestral scores, has received €2 million in venture capital funding. The money will allow neoScores – voted second last year among the world’s most promising start-ups – to develop as an online market for musicians and music publishers.

Telecoms • Telenet

The telecoms company has said it will not compensate clients who suffered a loss of internet connection for an hour on 26 July. The outage in the Ghent and Antwerp area was caused by a technical problem in Ghent. Telenet said there was no human error and the problem was rapidly fixed, so it will not be paying compensation.