Vienna-based fertilizers and polyolefins major Borealis AG has announced the completion of the sale of its entire shareholding (98.09%) in Belgian fertilizer producer Rosier SA to Turkey’s Yildirim Holding AŞ.
Borealis and Yildirim signed a binding agreement for the sale last September (GM Sept. 30, 2022). Yildirim’s offer for the Austrian company’s stake valued the Rosier business (enterprise value) at €35 million (approximately $37.1 million at current exchange rates), resulting in a valuation of roughly €11.65 per share, according to a statement by Borealis at the time.
Borealis made no comment on the value of the offer in its Jan. 2 statement announcing the completion of the sale.
As previously reported, Yildirim subsidiary, Yilfert Holding, will now launch a mandatory takeover bid followed by a squeeze-out for the remaining Rosier shares at a price of €20 per share, in accordance with article 50 of the Belgian Royal Decree on Public Takeover Bids (GM Nov. 11, 2022).
Moustier-based Rosier produces and distributes a range of granulated fertilizers, liquid fertilizers, NPKs, and hydrosuluble fertilizers.
The proposed divestment of its stake in Rosier is part of Borealis’ strategy to focus on its polyolefins and base chemicals business, as well as on the transformation towards a circular economy.
The Vienna-based company, which is a 75% owned subsidiary of Austrian oil and gas group OMV AG, currently is in exclusive negotiations with Czech Republic’s chemicals and fertilizers producer Agrofert for the sale of its Nitrogen division, after receiving a binding offer for the business from the Czech company in June (GM June 3, 2022).
Borealis had been targeting the closing of the transaction for the end of 2022 (GM Sept. 26, 2022).
Borealis’ Nitrogen business includes fertilizers, melamine, and technical nitrogen products; the offer valued the business on an enterprise value basis at €810 million.