Bondalti to delist Ercros and start restructuring
Portugal’s Bondalti is set to delist Spain’s Ercros and begin a restructuring backed by EY, as it moves to reverse mounting losses at the acquired chemicals group.
Portugal’s Bondalti is set to approve the delisting of Spanish chemicals company Ercros on Tuesday and appoint a new management team, in a key step for integrating the two businesses and trying to reverse Ercros’s worsening losses. Bondalti took control of 77.23% of Ercros after its takeover offer and now plans a full operational overhaul.
At Ercros’s shareholder meeting, Bondalti is expected to secure approval to remove the company’s shares from the Madrid, Barcelona, Bilbao and Valencia stock exchanges and launch the related delisting offer at the same €3.505 per share as in the takeover bid. Bondalti told ECO that taking Ercros private had been an objective from the start and would give the company greater agility in strategic decision-making under a governance model aligned with best practices.
The meeting will also ratify new governing bodies. Bondalti chief executive João de Mello will also lead Ercros’s management, alongside André Côrte-Real de Albuquerque, Luís Rebelo da Silva and Agustín Franco Blasco on the executive committee. Anton Valero, former head of Dow Chemical Ibérica and of Spain’s chemical industry federation, will become chairman, while Ercros’s two independent directors will remain in place.
ECO has learned that Bondalti is already being advised by EY on Ercros’s restructuring, with full integration of the two companies expected to take up to 18 months. One priority is to improve performance this year by using synergies in raw material purchasing and commercial operations. Ercros, which has 10 factories in Spain, reported a 6.2% drop in 2025 revenue to €603.4 million, while its net loss widened to €53.6 million from €11.6 million a year earlier.
The deterioration continued in the first quarter, when revenue fell 16.1% year on year to €154.8 million and net loss increased to €13.6 million from €12.2 million. Ercros said it was still being hit by weak demand, high energy costs and strong competition from outside the European Union. Net debt rose to €168.8 million. Shareholders are also due to vote on revoking the remuneration policy approved by the previous management in 2025, given the company’s financial situation.
Originally published at Eco.pt
