Bondalti, a leading chemical company, has announced the initiation of a public takeover bid, facilitated through its Barcelona-based entity, Bondalti IBERICA, targeting the acquisition of 100% of Ercros’ shares.
The offer, formally presented to the Spanish National Securities Market Commission (CNMV), will be executed entirely in cash, offering a price of 3.6 euros per Ercros share. This price represents a substantial premium of 40.6% over the closing market price of 2.56 euros recorded yesterday. Consequently, Bondalti’s maximum payout is projected to reach EUR 329,170,316.40.
The success of the offer is contingent upon the acceptance of more than 75% of Ercros’ share capital and the acquisition of all necessary regulatory and governmental approvals, which will be outlined in detail in the prospectus accompanying the offer.
Following the completion of the transaction, Bondalti commits to retaining Ercros’ headquarters in Barcelona, along with its existing workforce and presence in the regions where Ercros operates, including Catalonia, Valencia, Aragon, and Madrid. Bondalti expresses full confidence in the managerial capabilities of Ercros’ current leadership team.
Upon completion, Bondalti’s objective is to delist Ercros shares from the stock exchanges.
Ercros, a Spanish industrial group specializing in the production and sale of chemical and pharmaceutical products, is publicly traded on the Spanish stock exchange.
Bondalti, a Portuguese industrial group with over two decades of experience in Spain, benefits from the financial support of Grupo José de Mello, a prominent family group with a heritage spanning over 120 years. With a turnover of 1,255 million euros in 2022, assets totaling 2,400 million euros, and a workforce of more than 14,800 individuals, Grupo José de Mello is renowned for its long-term investments that foster job creation and sustainable societal impact.
Bondalti maintains a significant presence in the Spanish market, employing over 200 individuals and operating production units in Torrelavega (Cantabria) and Alfaro (La Rioja), in addition to a logistics center in Vigo. The company also maintains four offices located in Barcelona, Madrid, Pontevedra, and Logroño.
Known for its reputation for providing high-quality innovative solutions while upholding superior standards of safety and environmental responsibility, Bondalti operates primarily in chemical products and water treatment.
With this acquisition, Ercros will become part of a robust industrial group boasting substantial financial stability and a well-established shareholder structure. This strategic move aims to create a company equipped with the requisite scale and technical capabilities to effectively compete in the sector, while also amplifying strategic potential and long-term growth opportunities.
João de Mello, Chairman of Bondalti, expressed confidence in the partnership with Ercros, emphasizing the benefits of the offer for both existing shareholders and the company itself. Mello anticipates that this collaboration will bolster growth strategies and enhance competitiveness in the market, leveraging Bondalti’s expertise and financial strength.
This consolidation aims to address industry challenges in an increasingly global market, focusing on innovation, sustainability, and adaptation to digital transformation. By combining forces, Bondalti and Ercros aspire to navigate these challenges effectively while positioning themselves as leaders in the European chemical industry.
Bondalti has enlisted Cuatrecasas for legal counsel and Banco Santander for financial advisory services throughout the transaction process.