Novel compositions and novel hydroformylation catalysts are prepared by the interaction of an organorhodium halide of the formula (L).sub.n Rh(X).sub.m, wherein X is chlorine, bromine or iodine, L is a cyclic diene or a cyclic triene, n equals 1 or 2, m equals 1 or 2, the sum of n + m equals 2 or 3; hydrazine or a hydride of Group IA, IIA or IIIA metals; and a phosphorus containing adjuvant of the formula L'.sub.3 P, wherein each L' individually represents aryl, aryloxy, alkaryl, aralkyl, alkary...