French oil giant Total SA (TOT, TTFNF.PK,TTA.L) on Thursday said it has received a firm acquisition offer for its nitrogen fertilizer unit GPN S.A. from Borealis, a provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers.
Total said it has granted Borealis the exclusive right to pursue the offer, which is subject to approval by the relevant antitrust authorities.
In light of the quality of the Borealis' offer, Total has decided to present it, as well as Borealis' offer to acquire Total's 56.86% interest in Belgium's Rosier S.A., to the employee representatives concerned, as part of the information and consultation procedures.
Borealis' offer for GPN includes clear undertakings to continue operations, to assume all employment contracts and to maintain jobs.
Patrick Pouyanné, President of Total's Refining & Chemicals, said, "Fertilizers are a non-core business for Total. 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."
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 euros. GPN has 725 employees in France.
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