TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT) has received a firm offer from
Borealis to acquire GPN S.A., a wholly owned Total affiliate that is
France’s largest nitrogen fertilizer manufacturer. The Group has granted
Borealis the exclusive right to pursue the offer.
In light of the quality of the Borealis’ offer, Total has decided to
present it, as well as Borealis’ offer (described in a separate press
release) to acquire Total’s 56.86% interest in Belgium’s Rosier S.A.,
listed on NYSE Euronext Brussels, to the employee representatives
concerned, as part of the information and consultation procedures.
A leading international provider of chemical solutions, Borealis is
solidly established in nitrogen fertilizers in Central Europe and is
deploying an ambitious growth strategy to become a European market
leader, as demonstrated by its acquisition of France’s PEC-Rhin SAS in
"Fertilizers are a non-core business for Total, commented Patrick
Pouyanné, President of Total’s Refining & Chemicals. In joining
Borealis, GPN — which is well established in France and has benefited
from a vast capital expenditure plan in recent years — would enjoy new
growth opportunities, including in the global marketplace.”
Borealis' offer for GPN includes clear undertakings to continue
operations, to assume all employment contracts and to maintain jobs.
The offer is subject to approval by the relevant antitrust authorities.
Borealis’ offer does not concern Grande Paroisse S.A. and Total will
retain all obligations and liabilities related to that company’s former
operations, in particular those arising from the AZF site in Toulouse,
GPN is France’s leading manufacturer of nitrogen fertilizers and
nitrogen oxide reducers. It supplies about 25% of the French market,
with revenue of €500 million. GPN has 725 employees in France. Its
production facilities are located in Grandpuits in the greater Paris
region and Grand Quevilly in Normandy.
Borealis is a leading provider of innovative solutions in the fields of
polyolefins, base chemicals and fertilizers. With sales of €7.1 billion
in 2011, customers in over 120 countries and around 5,300 employees
worldwide, Borealis is headquartered in Vienna, Austria. Borealis is
owned 64% by the International Petroleum Investment Company (IPIC) of
Abu Dhabi and 36% by OMV, the leading energy group in the European
Total is a leading international oil and gas company with operations in
more than 130 countries. We are also a world-class chemical producer.
Our 96,000 employees put their expertise to work in every part of the
industry — exploration and production of oil and natural gas, refining
and marketing, new energies, trading and chemicals. Total is working to
keep the world supplied with energy, both today and tomorrow.