The Ercros dome predicts that the opass war launched by the Portuguese Bondalti and the Italian Esseco goes for long. The resolution of the process will not reach, at least, October once the National Commission of Markets and Competition (CNMC) has sent its analysis of competition acquisition to phase two. The institution predicts the possibility that there is excessive concentration and aims to study each particular case; A line of which the company has been in favor.
In an appearance before the media, Antoni Zabalza, president of the quoted chemistry came to assess the decision of the authority. “We have not made any allegation. This already indicates our position implicitly, but It doesn’t matter to say explicitly that we agree that the CNMC is right when it says there could be competition problems“The leader said.
According to the regulatory agency, the purchase of Ercros by Bondalti could impact the caustic soda business -it would bring together between 50% and 60% of the production of the Iberian Peninsula -and the sodium hypochlorite -between 60% and 70% of peninsular sales. In the case of the acquisition of Esseco, the focus is placed on potassium hydroxide, in a liquid and solid state, and potassium carbonate.
Zabalza remarked that the analysis is phase 2 does not imply that there is finally a competition problem, but deserves an in -depth study. “We agree to analyze it to a greater extent. We will wait for your OPA opinion to be asked to the council when the acceptance period begins to pronounce, “he added.
The manager did notify that Ercros has appeared, as was obvious, in the process before the CNMC to have access to the information generated in the exchange of requirements between the regulator and the offering companies. “Not having alleged now in the notes does not imply that we don’t allege later during the process,” he said. “If we saw that there is something false or if concrete decisions were made that can go against the shareholders we would allege,” he added.
Ercros’s results in 2024
While the process lasts, the chemical firm cannot forget the day -to -day business, marked by a macroeconomic fall of the cycle. In 2024, the company registered losses of 11.7 million euros compared to the benefit of 27.6 million of 2023-positively reported by a favorable judgment of the Constitutional Court on Royal Decree Law 3/2016-. In addition to the net result, sales fell, which fell 7.6% to 700.4 million for 757.6 million of the comparable period. Ebitda also shrugged 33% to 29.4 million euros compared to 44.3 million of 2023. Despite this, it defended a liquidity position greater than 110 million.
Zabalza justified the decrease in the crisis that the chlorine derivatives industry has been dragging since mid -2022. According to its forecasts, the soil will be touched in mid -2025 to begin bouncing thereafter. “I hope it’s like that,” he repeated several times.
The group was also affected by the salary increase in the sector agreement, which set an increase linked to the IPC of the 2021-2023 period for the end of the triennium. Therefore, these expenses linked to the strong inflation of recent years were computed in exercise 2024.
Beyond waiting for the improvement of the economic cycle, Ercros has a review of the strategic plan (called 3D Plan) of the 2021-2029 period. “There are not so many changes in the content, which is maintained, as if in the calendar: we consider a certain lengthening,” he defended. “We are going to do this reconsideration, which is currently more pressing to be on the ground of the cycle,” he closed.
At the end of 2024, 65 million of the 92 million euros budgeted in the road map had already been invested.
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