Bondalti launches a takeover bid for Ercros for 329m: The Advisors

Cuatrecasas, among others law firms, has advised Bondalti, a leading Portuguese company in the European chemical sector, on the launch of a takeover bid for 100% of the share capital of Ercros, Spain’s leading basic chemicals company, through Bondalti Iberica, a company based in Barcelona.

The offer, which has been communicated today to the CNMV, and which will be paid entirely in cash, will be made at a price of 3.6 euros per Ercros share, which represents a premium of 40.6% over yesterday’s closing price (2.56 euros). Consequently, the maximum amount to be paid by Bondalti would amount to 329,170,316.40 euros.

Once the transaction is completed, Bondalti will maintain the company’s headquarters in Barcelona, as well as employment and presence in the communities in which Ercros operates (Catalonia, Valencia, Aragon and Madrid). In this sense, Bondalti has full confidence in the work carried out by the Ercros management team.

The transaction was led by partners Gerard Correig, Pere Kirchner and Manuel Requicha Ferreira. The lawyers Soraya Sáenz de Santamaría, Martí Adroer, Héctor Bros, Serena Cabrita Neto, Pedro Marques Bom, Irene Moreno-Tapia and Ana Helena Farinha have also participated.

Uría Menéndez has advised Ercros on the voluntary tender for its entire share capital with a team composed by Daniel Ripley (partner, corporate, Barcelona); Javier Redonet (partner, capital markets, Madrid); Alfonso Ventoso (partner, capital markets, Madrid); Susana Serrano de Frutos (senior associate, capital markets, Madrid); Antonio Guerra (partner, competition, Madrid); Violeta Marinas (senior associate, competition, Madrid).

Herbert Smith Freehills, along with CS’Associados (Portugal), has also provided legal counsel to Banco Santander and Banco Santander Totta on the Spanish and Portuguese legal aspects of the financing extended to certain companies within the Bondalti Chemicals group. This financing is part of the public takeover bid (OPA) launched by Bondalti Chemicals.

Julia Gil