Portugal's Bondalti launches $357 mln takeover bid for Spain's Ercros
05/03/2024 07:48
March 5 (Reuters) - Portuguese industrial group Bondalti
has launched a takeover bid worth 329 million euros ($357
million) for all shares of Barcelona-based chemical company
Ercros ECR.MC , it said on Tuesday in a filing to Spanish stock
market supervisor CNMV.
The offer, to be paid entirely in cash, was made at 3.6
euros per Ercros share, representing a premium of 40.6% over
Monday's closing market price.
Bondalti said its goal was to delist Ercros shares.
The deal requires the acceptance of more than 75% of the
share capital, as well as regulatory and governmental approvals,
it added.
The Portuguese company, which also has its Spanish
headquarters in Barcelona, has been operating in Spain for more
than 20 years and has the financial backing of Grupo Jose de
Mello.
Ercros was not immediately available for comment.
($1 = 0.9219 euros)
(Reporting by Matteo Allievi, editing by David Latona and
Louise Heavens)
((matteo.allievi@thomsonreuters.com;))