Portuguese firm Bondalti presents offer to acquire 100% of Ercros for €329 million
Offer commits to keeping headquarters of chemical producers in Barcelona and employment in Spanish factories
Portuguese company Bondalti has presented a public takeover offer for 100% of Catalan chemical producer Ercros.
As reported on Tuesday in a statement, the Portuguese firm could pay €329 million to acquire the company at €3.60 per share, representing a premium of 40.6% over the quotation price at the close of the market this Monday (€2.56).
Bondalti's proposal is conditional on obtaining an acceptance of more than 75% of the capital and obtaining the approval of the regulatory and governmental authorities.
The takeover would keep the company's headquarters in Barcelona as well as all employment in Catalonia, the Valencian region, Aragon, and Madrid, where Ercros has facilities.
Bondalti points out that the transaction has a "marked industrial character" and in this way, "a group with a volume and technical capabilities of the highest level will be created."
If the takeover is completed, Bondalti would be able to "anticipate the challenges facing the European chemical industry, respond to the growing demand for greener products, and be an active part of the energy transition."