Ercros has hired Evercore Partners International, as financial advisor, and Uría Menéndez, as legal advisor, to assist the board of directors in the takeover bid launched by the Bondalti group. The Portuguese company’s offer involves paying 329 million to take 100% of the shares.
The National Securities Market Commission (CNMV) admitted the takeover bid for the Catalan chemical group to processing on March 20. The process is now pending approval from the National Market and Competition Commission (CNMC). If you receive this approval, the next step will be the approval of the prospectus by the CNMV.
Bondalti launched an offer of 3.6 euros per share, which represents a 40% premium over the listing price. The takeover bid requires a minimum acceptance of 75% of the capital and exclusion from the stock market.
There has been speculation in the market with the possibility that the Portuguese company could settle for a smaller stake but which would allow it to control Ercros. However, sources close to the operation rule out this alternative because this situation would greatly complicate operations for the subsidiary of the José De Mello group.
Ercros shareholders have shown their reluctance towards the takeover bid, although that does not mean that they cannot end up accepting the offer. The reference investor, Víctor Manuel Rodríguez, has publicly expressed that the offer seems low to him and has even speculated about a possible improvement. Furthermore, reports from analysts such as Mirabaud or Lighthouse have placed the reference price well above 3.6 euros per share.
Bondalti, owned by the José de Mello group, wants to establish an Iberian champion in the chemical sector to compete with giants such as Basf, Covestro or Dow. The Portuguese company has a turnover of 1,255 million euros in turnover in 2022, 2,400 million euros in assets and more than 14,800 workers.
