Versalis has won the bidding process to acquire the bio-based activities of Italy’s M&G Group, which continues to auction off its businesses after filing for bankruptcy in Europe and the US in October 2017.

The transfer of the related business units will be formally agreed in the coming weeks, in compliance with legal procedures and deadlines.

The acquisition includes assets and resources related to development activities, industrialization, technologies licensing and bio-chemical processes based on the use of renewable resources, especially biomass, of the four companies Biochemtex, Beta Renewables, Italian Bio Products (Ipb) and Ipb energia.

“The innovative aspect of these processes is the Proesa technology, which is used to convert biomass into second generation sugars and the subsequent production of biofuels or, potentially, other biochemical intermediates,” said Versalis.

An industrial plant at Crescentino, Italy, that produces bio-ethanol as well as green electricity is also part of the deal.

Versalis said M&G’s knowhow reinforces its competitive position in the bio-based chemical industry, creating synergies with ongoing research projects, and allowing the development of an integrated technological platform of chemicals from biomass, in line with the company’s strategy.