The European Commission considered that the Public Acquisition Offer (OPA) launched by Visabeira to Martifer does not constitute a concentration, and is therefore not notifiable under the Merger Control Regulation, according to a statement from the offeror to the market.
The European Commission “confirms that the operation does not constitute a concentration, and is therefore not notifiable under the Merger Control Regulation”, reads the information released by Visabeira Indústria to the Securities Market Commission (CMVM).
“Condition verification is still subject to completion of the pre-notification procedure with the Mozambique Competition Regulatory Authority”, adds the company.
On August 6, Visabeira Indústria SGPS launched a mandatory General Public Offer for the Acquisition of all shares representing the share capital of Martifer – SGPS.
In the preliminary announcement of this offer, Visabeira explained that the offer is general and mandatory as a result of the offeror having signed a shareholders’ agreement with I’M – SGPS and Mota-Engil, SGPS in relation to the terms and conditions that should regulate their respective relations as shareholders of the target company.
On the same day, the CMVM lifted the suspension of Martifer’s negotiations.
The Board of Directors recommended that each shareholder make an individual decision, aligned with their objectives, “using, whenever deemed necessary, legal, tax or financial advice, which they deem most appropriate, carefully considering whether or not to accept the proposal”.
Martifer’s Management also defended that, after analyzing Visabeira’s OPA, no significant changes are foreseen in the structure of human resources, working conditions or relations with ‘stakeholders’.