Borealis offers to acquire all outstanding shares of TOTAL affiliate GPN SA
Borealis, a leading provider of chemical and innovative plastics solutions, has made a firm offer to TOTAL to purchase all outstanding shares of GPN SA, France’s largest nitrogen fertilizer manufacturer. Borealis is already active in nitrogen fertilizers in Central Europe, as well as in France following its acquisition of PEC-Rhin SA, today known as Borealis PEC-Rhin SAS, in early 2012.
Fertilizers are a non-strategic business for TOTAL. In joining Borealis, GPN — which is well established in France and has benefited from a vast investment plan in recent years — would enjoy new growth opportunities, including in the global marketplace. Borealis’ offer for GPN includes clear undertakings to continue operations and to maintain jobs at the company’s production facilities and headquarters.
This offer and Borealis’ offer (described in a separate press release) to acquire TOTAL’s 56.86% interest in Belgium’s Rosier SA, listed on NYSE Euronext in Brussels, will now be presented to the employee representatives concerned, as part of the information and consultation procedures. The transaction is subject to approval by the relevant competition authorities. Grande Paroisse SA, which carries all the liabilities of AZF in Toulouse, is not covered by the planned acquisition.