Bondalti, a leading industrial group in the chemical sector, has successfully concluded the public takeover bid for Ercros after reaching an acceptance representing 77.23% of Ercros’ effective voting rights, equivalent to 70,615,637 shares, which will be acquired at a price of €3.505 per share in cash. The total investment amounts to approximately €247.5 million. Settlement of the offer is expected to take place on March 24.
Once the settlement has been completed, Bondalti intends to launch a Delisting Takeover Bid at a price no higher than €3.505 in cash per share (equal to the initial takeover bid price), in accordance with applicable regulations and as previously communicated to the market.
This level of acceptance marks the beginning of a new phase aimed at strengthening the industrial project of both, Ercros and Bondalti. The chemical sector in Europe is currently facing a highly challenging environment, impacted by rising raw material costs, declining demand, and strong competition from non-European chemical companies. Based on operational continuity, compliance with the commitments undertaken, and a long-term vision, Bondalti will work to enhance competitiveness and the value proposition, contributing to the creation of a chemical industry leader with sufficient scale and resilience to compete globally in today’s complex market.
João de Mello, Chairman of Bondalti, stated: “We are pleased to see that shareholders have recognised the value of our Offer in a context of high geopolitical uncertainty and market instability. With the success of this transaction, the path is set for Bondalti and Ercros, working together, to create an industrial group with the ambition of European leadership, strengthening its scale and resilience. The next step will be to address, in an orderly manner, the integration process and definition of the joint future project, with a prudent, constructive approach focused on generating sustainable value for all stakeholders, relying on the Ercros team, whose knowledge and experience we consider a key asset and a distinctive value for the company. Our commitment to Ercros and the Iberian chemical sector remains firm.”
Bondalti has been advised by Banco Santander on the financial aspects, Cuatrecasas on legal aspects, and Kreab on communication and public affairs aspects.
Operational continuity and commitment to employees and the communities where Ercros operates
Throughout the integration process, Bondalti’s ambition is for Ercros to maintain its operations as normal. The company will continue to serve its customers with the habitual quality standards, and the stability of its industrial, commercial, and logistics operations will be preserved. The immediate priority is to ensure an orderly continuity that allows rigorous and responsible progress in joint work, ensuring higher standards of safety and respect for the environment.
Beyond maintaining operations, the industrial project relies on the essential role of the team to ensure this performance. During this transition and beyond, the goal will be to build capabilities and align efforts to drive a joint future plan, respecting Ercros’ culture and with a willingness for dialogue, while further strengthening the skills and best practices of Ercros’ professional team. In this regard, Bondalti reiterates its commitment to employment, working conditions, industrial activity, the future viability of Ercros, and its local footprint.
Similarly, Bondalti reaffirms its commitment to Ercros’ customers and suppliers. Commercial relationships will continue as before, with the aim of strengthening capabilities and resources to support business development. The priority is to maintain the trust Ercros has built over time and to provide the project with greater solidity and industrial scope to support future growth.
