Belgian plastics and chemicals company Solvay said Monday it has made an offer to buy Paris-based chemicals firm Rhodia for 3.4 billion euros ($4.84 billion).

Rhodia's board of directors unanimously recommended the offer to its shareholders, Solvay said, adding that the combination will "accelerate the shared ambition to create a large global chemical company committed to sustainable development."

The Brussels-based company said the 31.60-euro-a-share offer represented a 50 percent premium to Rhodia's closing share price on Friday.

Rhodia's shared jumped 49 percent to 31.38 euros in morning trading in Paris. Solvay's shares on the Brussels stock exchange added 3.4 percent.

Solvay said Rhodia's chairman and chief executive, Jean-Pierre Clamadieu, will become Solvay's deputy CEO and take over from Solvay's current CEO Christian Jourquin once he retires.

Rhodia has around 14,000 employees worldwide and generated sales of 5.23 billion euros in 2010. It produces chemicals for vehicles, electronics, flavors and fragrances as well as health and consumer goods. Solvay said Rhodia is a leader in the market for specialty materials such as rare earths.

Solvay employs about 16,800 people and had sales of 7.1 billion euros last year.