In the same way that the National Competition Commission (CNMC) has done in Spain, the Portuguese competence authority has decided to send the OPA that ESSECO has launched on Ercros to second phase. The Portuguese regulator warns The operation raises “serious doubts” regarding its “compatibility”. Because the transalpine firm is not only dedicated to the production and sale of its own subjects, but also makes trading.
Therefore, the institution decides to “start an in -depth investigation”; same path as the one undertaken by his Spanish counterpart. In the case of CNMC, the object of analysis is the concentration in the potassium hydroxide business, in solid and liquid state, and potassium carbonate. The decision was made at the end of February.
The Portuguese regulator’s decision to send to phase two investigation is a stone more put by competition authorities to the two offers received by Spanish chemistry. The CNMC also has in phase 2 the OPA of the Bondalti Portuguese, where appropriate by caustic soda and sodium hypochlorite.
The quoted that presides over Antoni Zabalza was in favor of analyzing both operations in depth. This was stated by the leader in the last presentation of results. “We have not made any allegation -in relation to the CNMC decision to analyze the in -depth opas -this already indicates our position implicitly, but it does not matter to say explicitly that we agree that the CNMC is right when it says that there could be competition problems”, “he said.
Meanwhile, Ercros closed the session this Friday at a price of 2.94 euros per share, below 3,745 euros offered by ESSECO and the 3,505 euros proposed by Bondalti. The value is lower than that of the opas because the market suspects that buyers can be back if the competition authorities impose the sale of business units.
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