More than half of Ercros’s shareholders have agreed to sell to Bondalti. The takeover bid was a success

The takeover bid launched by Bondalti for all of Ercros’s shares has achieved a level of acceptance exceeding 50% of the Spanish company’s effective voting rights, according to a statement issued by the company. These results are still preliminary, but indicate that the transaction was a success.

“With regard to the voluntary takeover bid launched by the Offeror for all Ercros shares, authorised by the Spanish National Securities Market Commission (CNMV) on 10 February 2026, the Offeror [Bondalti] reports that, following the expiry of the acceptance period, according to preliminary information provided by Banco Santander, acting as the Offer’s agent bank, the acceptance level of the Offer exceeded 50% of Ercros’s effective voting rights”, reads the statement sent to the CNMV.

These results are still preliminary. The final and official result will be the one published by the CNMV within the stipulated timeframe, the Portuguese company adds.

This outcome had already been anticipated, given that Ercros’s largest individual shareholder – and one of the first to criticise the price offered by Bondalti in the takeover bid launched for the Spanish giant – said on Friday that he would accept the €3.505 offered by the Portuguese company. Lawyer Víctor Manuel Rodríguez Martín, who controls 6.28% of the Catalan chemical firm’s capital, has thus joined the French fund Oddo in accepting the takeover bid.

For the takeover bid to succeed, it was sufficient for 50% plus one of the effective voting rights to agree to sell. With 72% of the shares held by small investors, it is they who will determine the final outcome of the bid, launched in March 2024, which has a total value of around €329 million.

It should be recalled that, in February, the board of directors of the Catalan chemical company issued an “unfavourable” opinion on the takeover bid launched by Bondalti, with the three shareholder members of Ercros declaring their unanimous intention not to sell their shares. However, the board’s position was not unanimous, as Lourdes Vega considered the offer “reasonable”, stating that the takeover bid would be “a valid alternative for shareholders”.

A day later, Bondalti gave a positive assessment of several aspects of the Ercros Board of Directors’ report on the takeover bid, but considered that there were inconsistencies in the arguments and “serious omissions, misrepresentations and inaccuracies regarding the report itself issued by the company’s Board of Directors”.