The Austrian chemicals and plastics group confirmed last August that it intended to launch a squeeze out offer for Rosier’s remaining shares as part of a rescue package for the firm, which has been struggling financially from tough market conditions and the impact on its business from the war in Ukraine.

The deal with Yildirim is subject to certain regulatory approvals, as well as Borealis concluding the squeeze-out. Boreais said it wants to focus on providing sustainable solutions for its core activities of polyolefins and base chemicals.

Headquartered in Istanbul, Borealis said Yildirim is one of the fastest-growing Turkish industrial conglomerates. The family-owned group is active in several industry sectors, including fertilizers and chemicals.

Yilfert Holding regards itself as the leading producer of calcium ammonium nitrate (CAN) fertilizer and ammonia in Turkey, and the country’s third-largest trader of fertilizers and chemicals (CAN, ammonium nitrate, diammonium phosphate, ammonium sulfate and urea).

Yildirim also owns Gemlik Gubre, another major Turkish fertilizer producer with an annual capacity of 600,000 t/y.

Author: Elaine Burridge, Freelance Journalist