The Portuguese industrial group Bondalti announced this Tuesday a takeover bid to acquire 100% of the Catalan company Ercros for 329 million euros. Both focused on chlorine and chemistry, the purchase would create a larger group, better able to compete, invest and grow. Combined, they would add more than 1.3 billion in sales and some 2,000 employees to face “the challenges facing the European chemical industry,” Bondalti assures. The focus is on digitalization, the automation of production or the demand for greener products.
The offer, in cash and of 3.6 euros per share, represents a premium of 41% over the closing price on Monday and 44% over the average for the last quarter, as announced to the National Securities Market Commission. (CNMV). Once the operation was known, the titles soared by over 30%, reaching around 3.5 euros. At least the acceptance of 75% of the share capital is needed for it to go ahead, in addition to the approval of the competition authorities and even Brussels.
The Portuguese company affirms that it will maintain employment and facilities and that its investment is for the long term. Based in Barcelona, ??Ercros has 1,300 employees and has 10 factories spread across Catalonia, the Valencian Community, Aragon and Madrid. Chaired and directed by Antoni Zabalza, it revolves around three large divisions – chlorine, intermediate chemistry and pharmaceuticals – and has 150 products and active ingredients.
Its sales amounted to 707 million euros in 2023, lower than the 1,000 million the previous year, mainly due to the drop in prices. The net profit was 27.6 million, supported by a Constitutional ruling on the limitation of compensation for negative tax bases. Without it, he would earn 1.5 million. In 2022 the profit was 63 million.
Bondalti is also focused on chemistry, chlorine and water treatment and reuse. It has had operations in Spain for more than two decades through Bondalti Ibérica, based in Barcelona and which is the one launching the takeover bid. In the country it employs about 200 people, with a production unit in Torrelavega (Cantabria) and another in Alfaro (La Rioja), as well as a logistics center in Vigo. If we add the international business, with facilities in its native Portugal and Angola, it employs 740 people and sells for 600 million.
João de Mello, president of Lusa, has insisted that “the union with Ercros allows us to form a group with the size and financial muscle necessary to face the challenges facing the European chemical industry.” “In a market that is increasingly global, the importance of size and specialization are increasingly relevant,” it is argued. The idea is to add the Portuguese financial muscle and the experience of the Catalan company. United to “create a group with the size and technical capabilities necessary to compete with the main players in the sector, increase investment in continuous innovation and sustainability”.
Bondalti is 100% owned by the Portuguese corporation Grupo José de Mello, a century-old firm that had a turnover of 1,255 million euros in 2022, with 2,400 million euros in assets and more than 14,800 employees.
