The public takeover bid (takeover bid) of the Bondalti group for the Ercros chemical company is admitted for processing. The National Securities Market Commission (CNMV) has authorized the process upon understanding that the documentation is correct. Bondalti has presented an offer of 3.6 euros per share, which means valuing the company at 329 million euros.
The offer is conditional on achieving acceptance of more than 75% of the capital and obtaining all relevant regulatory and government authorizations. If this percentage is not reached, the company could remain a shareholder with a smaller stake and control the company in alliance with the minority shareholders.
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.
The board of directors of Ercros, led by Antoni Zabalza, has not commented on the takeover bid, beyond describing it as “unsolicited.” In a relevant event, a few weeks ago, he assured that he would look for a legal and financial advisor to analyze the offer.
