21.11.2016 • NewsElaine BurridgeAxensHeurtey

Axens Raises Bid for Heurtey

(c) Thomas Henderson/Getty Images
(c) Thomas Henderson/Getty Images

French engineering and technology provider Axens has raised its bid to acquire rival company Heurtey Petrochem to €25 per share. The Paris-headquartered firm had previously offered €23 per share in cash, in a bid tendered on Oct. 12. Axens said it raised the offer “in order to strengthen the attractiveness of the bid” to Heurtey’s shareholders. The increased price represents a premium of 37.1% over the closing share price of €18.24 on Oct. 10 and a premium of 44.1% over the per share volume-weighted average price over the last three months prior to that date.

Heurtey Petrochem, also based in Paris, is focused on process furnaces for refining, petrochemicals and hydrogen production, and also has a natural-gas treatment business. A wholly owned subsidiary of IFP Energies Nouvelles (IFPEN), Axens is partnering IFP Investissements, also a wholly owned subsidiary of IFPEN, which already owns 36% of Heurtey’s share capital. The board of directors of both IFPEN and Axens have already approved the proposed bid.

CHEManager Spotlight

Standardization and Harmonization of Digital Chemical and Pharmaceutical Logistics
Creating Interfaces

Standardization and Harmonization of Digital Chemical and Pharmaceutical Logistics

CHEManager Spotlight is an exclusive event tailored for practitioners and decision-makers in the chemical industry. This part of our event series delves into the latest trends and innovations in logistics to streamline your operations and drive efficiency.

Whitepaper

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)
Setting the Standard

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)

Are you ready to elevate your pharmaceutical operations? Download our exclusive whitepaper and discover how compliance with Good Distribution Practice (GDP) is essential for the safety and integrity of pharmaceuticals.