Axens Raises Bid for Heurtey
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.