Borealis offers GPN acquire PEC-Rhin

Borealis offers GPN to acquire PEC-Rhin

11:27 PM, 27th November 2011
Borealis offers GPN to acquire PEC-Rhin
Mark Garrett, Chief Executive, Borealis

VIENNA, AUSTRIA: Borealis, a leading international provider of chemical and innovative plastics solutions and a major player in fertilizers in Central Europe, has made a firm offer to GPN to acquire PEC-Rhin in its entirety. This is related to GPN, which owns a 50% interest in PEC-Rhin, having exercised its pre-emption right for the remaining 50% stake from BASF SE. GPN is a leading European producer of nitrogen-based chemicals, with 750 employees in 2010. The company is active in three segments: Agriculture, Industry & Environment, and Engineering & Process. PEC-Rhin produces nitrogen fertilizers, ammonia and nitric acid. It has a workforce of around 180 employees.

Following this firm offer, the relevant employee representatives are being informed and consulted on the proposed sale to Borealis. The transaction is subject to the approval of the relevant antitrust authorities.

©WOC News

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