Vienna-based fertilizers and polyolefins major Borealis AG and Turkey’s Yildirim Holding AŞ on Nov. 8 jointly announced they have signed a binding agreement for Yilfert Holding, a Yildirim subsidiary, to launch a mandatory takeover bid, followed by a squeeze-out, for Belgian fertilizer firm Rosier SA.
In September, Borealis and Yilfert Holding announced they had inked a binding agreement for the acquisition of all of Borealis’ shares in Rosier (GM Sept. 30, p. 30). Borealis currently holds 98.09% of Rosier’s shares.
The Vienna-based company said the closing of the acquisition of all of its shares in Rosier by Yilfert is subject to certain regulatory approvals and Borealis concluding the squeeze-out. Borealis in June had announced its intention to launch a squeeze-out offer for the remaining shares in the Belgian fertilizer company that it did not own, at a price of €20 per share (GM June 10, p. 26).
“However, Borealis and Yildirim agreed on Nov. 7 that the transaction will be closed upon the regulatory approvals being received, and that Yildirim will as soon as possible after such closing launch a mandatory takeover bid followed by a squeeze-out for the remaining Rosier shares at a price of €20 [approximately $20 at current exchange rates] per share, in accordance with article 53 of the Belgian Royal Decree on Public Takeover Bids,” said Borealis in its Nov. 8 statement.
The Vienna-based company said accordingly it will not launch a squeeze-out offer.
Moustier-headquartered Rosier produces and distributes a range of granulated fertilizers, liquid fertilizers, NPKs, and hydrosoluble fertilizers. The company has two production sites: at Moustier, Belgium, and Sas van Gent in the Netherlands. In FY2021, Rosier reported a unaudited net loss of -€36.9 million on sales of €233.8 million (GM Feb. 11. p. 33).
Borealis is a 75% owned subsidiary of Austrian oil and gas group, OMV AG.