Takeover bid

Takeover bid on Ercros

On March 5, 2024, the Portuguese chemical company Bondalti Ibérica announced a voluntary public takeover bid for 100% of Ercros’ share capital at a price of €3.60 per share. On June 28, the Italian company Esseco Industrial, in turn, announced a competing takeover bid at €3.84 per share. As a result of the €0.096 gross per share dividend paid by Ercros from its 2023 earnings, the bidders Bondalti Ibérica and Esseco Industrial announced a reduction in their offer prices to €3.505 and €3.745 per share, respectively.

In accordance with takeover regulations, the processing of Esseco’s bid by the Spanish Securities and Exchange Commission (SSEC) would not begin until the administrative procedures for Bondalti’s bid were completed. Both offers were subject to approval by the competent authorities and to acceptance of 75% of the share capital plus one share.

The National Commission on Markets and Competition (NCMC) agreed, on December 18, 2024, and February 7, 2025, respectively, to initiate the second phase of the analysis of the economic concentration resulting from both bids. On July 17, 2025, the NCMC issued its resolution on Esseco’s bid, agreeing to condition the authorization of the resulting economic concentration on the fulfillment of certain conditions.

On August 8, the Minister of Economy, Trade and Enterprise issued an Order agreeing not to submit the NCMC’s resolution to the Council of Ministers. This Order made the NCMC’s resolution effective, thereby concluding the economic concentration control procedure in Spain and enabling Esseco to withdraw its bid. On August 11, Esseco announced its decision to withdraw the bid due to the conditions imposed by the NCMC for its authorisation.

The second-phase review of Bondalti's bid by the NCMC is currently pending resolution.