Borealis Withdraws from Rosier Squeeze Out
Turkish industrial conglomerate Yildirim will now launch a mandatory takeover bid for fertilizer producer Rosier – and a squeeze-out offer for the remaining shares – once the acquisition from Borealis has closed.
An earlier agreement signed on Sep. 26 would have seen Borealis conclude the squeeze out prior to closing the sale of its 98.09% stake in Rosier to Yilfert Holding, part of the Yildirim Group.
The companies did not give a reason for the change. Yildirim will make its takeover bid and squeeze out offer at a price of €20 per share “as soon as possible” after the transaction closes.
The takeover is seen as a rescue package for Belgium’s Rosier, which has been struggling financially from tough market conditions and the negative impact on its operations from the Russia-Ukraine war.
Author: Elaine Burridge, Freelance Journalist
Airview of Borealis location in Antwerp, Belgium © Borealis
