Axens (Rueill-Malmaison, France; www.axens.net) has filed a voluntary takeover bid proposal with the AMF (French capital markets authority) to acquire the shares of Heurtey Petrochem. Axens is a wholly-owned subsidiary of IFP Energies Nouvelles (IFPEN). It is partnering with the IFP Investissements, also a wholly owned subsidiary of IFPEN, which already holds 36% of the share capital and 35.56% of the voting rights of Heurtey Petrochem.
The bid proposal concerns the acquisition of all non-partnership held shares of Heurtey Petrochem at a price of €23 to be settled in cash. The proposed price represents a 26.1% premium over the closing share price as at Monday, October 10 (18.24 euros) and a 32.6% premium over the per share volume-weighted average price over the last 3 months.
The bid proposal was approved on October 11, 2016 by the board of directors of both IFPEN and Axens. The board of directors of Heurtey Petrochem is expected to issue a statement today regarding the Bid and to name an independent expert to assess the fairness of the terms of the Bid.
The Bid proposal will be submitted for approval by the AMF, which evaluates its compliance with legislative provisions and applicable regulations.
Subject to a positive outcome for the Bid, the merger between Axens and Heurtey Petrochem will produce a prime technological industrial group specializing in clean fuels and eco-efficient procedures, right at the heart of energy transition. It will be present in the refining and petrochemical segments, as well as processing of natural gas, biofuels and renewable chemical intermediates. The new group will offer a wider range of products across the entire value chain, sales of processes, catalysts and adsorbents including sales of furnaces, EPC technological modules and solutions, as well as providing consulting services for operators.
Lastly, the merger between Axens and Heurtey Petrochem will help boost both companies’ international presence. Both entities boast sales forces and/or production means (catalysts production plants for Axens, furnaces and modules production units for Heurtey Petrochem) in many regions (the Americas, India, China, the Middle East, Eastern Europe, Russia and so on.)