Ercros shareholders in favour of Bondalti acquisition

The Public Acquisition Offer (PAO) launched by Bondalti for 100% of Ercros’ shares was accepted by over 50% of the Spanish company’s shareholders with voting rights, the company has said in a statement. These results are still preliminary in nature, but they reveal that the takeover operation has been a success.

“Regarding the non-hostile public takeover offer carried out by the Offeror for all Ercros shares, authorised by Spain’s National Securities Market Commission (CNMV) on February 10, 2026, the Offeror [Bondalti] informs that, after the end of the acceptance period, according to the preliminary information provided by Banco Santander, acting as the agent bank of the Offer, the level of acceptance of the Offer exceeded 50% of Ercros’ effective voting rights”, reads the statement sent to the CNMV.

Bondalti is a leading Portuguese industrial chemical company and the largest producer of industrial chemicals in the Iberian Peninsula. They specialise in producing chlorine, aniline, and hydrogen through electrochemical processes, while also providing comprehensive industrial water treatment solutions and investing in green energy technologies like hydrogen.

Ercros is a leading Spanish industrial group primarily engaged in manufacturing and selling chemical products, organised into three main divisions: chlorine derivatives, intermediate chemicals, and pharmaceuticals. They produce raw materials like caustic soda, PVC, and formaldehyde, as well as active pharmaceutical ingredients (APIs) such as antibiotics, operating nine production centers in Spain.
This result had been expected since Ercros’ largest individual shareholder and one of the first to criticise the value offered by Bondalti in the takeover bid launched for the Spanish giant, lawyer Víctor Manuel Rodríguez Martín said on Friday that he would accept the €3.505 offered per share by the Portuguese company. Víctor Manuel Rodríguez Martín, who controls 6.28% of the capital of the Catalan chemical company, joined French fund Oddo in accepting the PAO.

In order for the PAO to be a success, 50% plus one of the effective voting rights holders needed to agree to sell and this was met. With 72% of the shares distributed to small investors, they are the ones who will decide the final outcome of the offer which was launched in March 2024 at a total value of around €329 million.

Source: Eco Online; Credits: Bondalti