Borealis Withdraws from Rosier Squeeze Out

10.11.2022 - 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