Bondalti completes takeover of Ercros, securing 85.85% stake

The Portuguese group Bondalti has concluded its squeeze-out takeover bid for the Spanish chemical company Ercros. Following the process, Bondalti will hold 85.85% of Ercros's share capital.

The offer was accepted by shareholders holding 7.8 million shares, representing 8.62% of the social capital and 37.86% of the voting rights targeted by the operation. Settlement of the offer is expected on September 21, with a cash payment of approximately 3.505 euros per share.

As a result of the takeover, Ercros will be delisted from the Spanish stock exchanges, ending four decades of public trading. The CNMV has already implemented a precautionary suspension of Ercros shares. Bondalti's president, João de Mello, stated that the move allows the company to focus on long-term industrial goals and competitiveness without the distractions of market fluctuations and short-term capital market expectations.