Germany's PCC Signs €61.4 Million Chloroacetic Acid Business Integration Agreement

en.Wedoany.com Reported - On October 15, PCC SE, a subsidiary of the German chemical group PCC, and Polish listed company PCC Rokita signed a conditional equity transfer agreement, planning to integrate the monochloroacetic acid production and sales business into PCC Rokita. The transaction involves all shares of MCAA SE and the majority stake in PCC MCAA, with the two assets ultimately valued at approximately €61.4 million, to be implemented through the issuance of new shares in exchange for the assets.

Under the transaction arrangement, PCC Rokita will issue 4,027,312 new shares to PCC SE at an issue price of PLN 66.11 per share as consideration for the transferred assets. Upon completion of the transaction, PCC SE's shareholding in PCC Rokita will increase from 71.7% to 76.4%, with the corresponding voting rights increasing from 81.0% to 83.3%. The fair value of the transaction assets is approximately PLN 266.25 million, determined based on an updated valuation by the independent appraisal firm PricewaterhouseCoopers.

This integration involves the monochloroacetic acid business at the industrial site in Brzeg Dolny, Poland. PCC Rokita produces chlorine locally, and PCC MCAA uses the chlorine for monochloroacetic acid production and sales. Upon completion of the transaction, monochloroacetic acid manufacturing and upstream chlorine raw material production will be placed under PCC Rokita's direct management, covering raw material production, chemical processing, and product sales.

The PCC Group signed the relevant integration letter of intent on June 16, and this conditional agreement determines the asset valuation, share issue price, and equity structure adjustment plan. According to PCC Rokita's regulatory disclosure, the conditions required for the transaction must be satisfied by November 30, including obtaining shareholder meeting approval for the relevant share issuance. The asset transfer procedure will be completed only after the new shares are registered under Polish statutory registration.