Borealis to Acquire French Fertilizer Producer
The Austrian chemical company has made an offer to take over PEC-Rhin in its entirety.
Borealis today announced that it has made a firm offer to GPN to acquire 100% of the shares of French fertilizer producer PEC-Rhin. Located in Ottmarsheim, France, the company produces nitrogen fertilizers, ammonia and nitric acid. It has a workforce of around 180 employees.
GPN, member of the French Total Group, owns a 50% interest in PEC-Rhin and has exercised its pre-emption right for the remaining 50% stake from BASF SE. The world’s largest chemical group BASF for some time has been planning to sell the stake in PEC-Rhin.
Following this firm offer, the relevant employee representatives are being informed and consulted on the proposed sale to Borealis, the company stated. The transaction is subject to the approval of the relevant antitrust authorities.
In the third quarter of the year, Borealis improved its results in an increasingly challenging market environment. The company posted a net profit of € 448m year to date.