The Ibex 35 opened this Tuesday with a slight decline of 0.13%, placing the benchmark index at 10,056.4 points. Investors remained attentive to Grifols, which has not yet disclosed audited accounts by KPMG, and to Ercros following Bondalti’s takeover bid.
Bondalti, the Portuguese group owned by the José de Mello group, has launched a voluntary takeover bid for Ercros at 3.60 euros per share, valuing Ercros at 329.2 million euros.
Bondalti’s offer price implies a premium of 40.6% above the price at which Ercros shares closed yesterday (2.56 euros) and a 51.3% premium over the last month’s volume-weighted average price, according to the Portuguese group in the filing presented to the National Securities Market Commission for authorization of the bid.
On the Spanish macro front, the Treasury plans to place between 4.5 and 5.5 billion euros in a sale of 6- and 12-month Letras this Tuesday.
In the early trades of this session, the top gains within the Ibex 35 were led by Redeia (+1.89%), Colonial (+0.98%), Acciona (+0.59%), and Indra (+0.50%), while the laggards or red lanterns included Fluidra (-2.89%), ArcelorMittal (-1.35%), and Grifols (-1.31%).
Meanwhile, Ercros shares in the Continuous Market surged about 36.9% at 9:03 a.m., reaching 3.505 euros per share, bringing them very close to Bondalti’s offer price for the OPA.
European stock markets opened today with a clear tone of softness: London down 0.31%, Frankfurt down 0.17%, Paris down 0.14%, and Milan down 0.06%.
At market open, the Brent crude price, a key benchmark for Europe, slipped 0.30% to 82.55 dollars per barrel, while Texas Intermediate stood at 78.41 dollars, down 0.42%.
In the currency market, the euro traded at 1.0846 dollars, while in the debt market the yield on Spain’s 10-year bond rose to 3.241%.
Sources: CNMV filings and Bondalti press materials indicate that the market will be watching how the bid progresses and how trading volumes respond as investors weigh the strategic implications for Ercros and the broader sector.