Solvay shares posted one of the biggest rises on the BEL 20 index of the Brussels stock exchange on Wednesday, as DME Capital, one of its main shareholders, increased its stake in the group.

In a financial notice published this morning, the American investment fund stated that it had exceeded the threshold of 5% of the Belgian chemical group's voting rights.

The family fund, controlled by businessman David Einhorn, says it now holds over 5.51 million shares, or 5.2% of voting rights, following a new acquisition of shares.

In theory, this makes it Solvay's second-largest shareholder, behind the Solvac holding company, which holds 30.8% of the capital.

In February, funds affiliated to DME had already strengthened their positions to over 3.1% of the chemical group's capital.

David Einhorn is a well-known hedge fund manager and founder of Greenlight Capital, who distinguished himself in 2008 by taking sell positions on Lehman Brothers before its resounding bankruptcy.

At around 12:30 pm, Solvay shares were up around 1.3%.

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