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Austria Borealis offers to buy Total stakes in 2 fertilizer firms

ICIS News : 6-Feb-13 21:10


HOUSTON (ICIS)--Austria-based Borealis has made firm offers to Total for the companyís 56.86% interest in Belgiumís Rosier and all its outstanding shares of Franceís GPN, Borealis and Total announced on Wednesday.

The offer to Total for Rosier is at Ä200/share, Borealis and Total said in separate statements. No numbers were released on the offer for GPN.

The planned transactions must be approved by the relevant authorities, including antitrust authorities in the countries concerned.

In the event Borealis acquires Totalís 56.86% interest in Rosier, it will be required to launch a mandatory public takeover bid for the remaining outstanding shares, Borealis said.

Borealis has been a key provider of nitrogen fertilizers in central Europe and is looking to grow into the market leader, the company said. As part of that strategy, it acquired Franceís PEC-Rhin SAS in early 2012.

Borealis is a provider of solutions in the fields of polyolefins, base chemicals and fertlizers. It had sales of Ä7.1bn ($9.6bn) in 2011 and has 5,300 employees worldwide. It is owned by Abu Dhabiís International Petroleum Investment Co (IPIC), which has a 64% share, and Austriaís OMV, which has the remaining 36%.

Rosier is a mineral fertilizer manufacturer with production facilities in Moustier, Belgium, and Sas van Gent, the Netherlands. The company has 250 employees and revenue of Ä265m.

GPN supplies about 25% of the French nitrogen fertilizer market, with revenue of Ä500m, Total said.

($1 = Ä0.74)



By Jeremy Pafford
+1 713 525 2653
icisnews.americas@icis.com

 
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