Bondalti Completes Takeover Bid for Ercros

Cuatrecasas 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, 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.