Cuatrecasas advises Bondalti on TOB for Ercros, a transaction of great technical complexity and relevance to financial markets
Don’t miss our content
SubscribeCuatrecasas has advised Bondalti, a Portuguese industrial group on the public takeover bid (“TOB”) for all shares of Ercros, a Catalan chemicals company. The transaction concluded with the acquisition of a controlling interest in the company, and with the structuring, formalization and closing of the financing required to complete the transaction.
The crossborder TOB was subject to multiple regulatory authorizations and a sophisticated financing structure. It has enabled Bondalti to position itself as a leading Iberian player in the chemical industry, with the scale needed to compete in a global market and anticipate the challenges facing the European chemical industry.
The transaction is significant for Spain’s financial markets and business landscape, as it promotes one of the few unsolicited TOBs ever launched in the country—and the only one that has been successfully completed—highlighting its exceptional nature.
In this context, the Cuatrecasas advisory service was decisive, given Ercros's industry, the origin of the investment (Portugal), and the involvement of various specialty groups including Competition, Finance, and Capital Markets. The homogeneous and comprehensive service was aligned with the regulatory and operational requirements inherent to the transaction.
The team handling the advisory service was made up of partners Pere Kirchner and Gerard Correig (Corporate); Héctor Bros and Manuel Requicha Ferreira (Finance); Irene Moreno-Tapia and Pedro Marques (Antitrust & Competition); and Martí Adroer and Serena Cabrita (Tax).
The advisors stated, “The transaction was highly complex from a technical standpoint, subject to foreign direct investment approval by the Council of Ministers and antitrust approvals from Spanish and Portuguese authorities, and was also financed through a bond issuance in Portugal. It is the TOB with the longest processing period in Spanish history.”
Don’t miss our content
Subscribe