Tessenderlo and Picanol to merge into single industrial group

Chemical company Tessenderlo Group and loom manufacturer Picanol Group are set to merge into one company. Tessenderlo launched an exchange offer for Picanol in July. A first attempt to bring together both companies controlled by entrepreneur Luc Tack dates back to the end of 2015.

With the proposed transaction, reference shareholders Luc Tack and Patrick Steverlynck will contribute their shares in Picanol Group through a voluntary public exchange offer by Tessenderlo Group. The other Picanol shareholders - there is a free float of 10.66% - were given the opportunity to become direct shareholders of Tessenderlo at the same exchange ratio of 1 Picanol Group share per 2.43 Tessenderlo shares. Wednesday morning it was announced that this exchange rate would be adjusted to 2.36 shares of Tessenderlo Group for 1 share of Picanol Group.

The valuations of both companies were revised in light of the published half-yearly reports and an analysis of the long-term outlook based on the most recent market developments.

The intervention should make the group structure of both Belgian companies simpler and more transparent, with the intention of combining them into one industrial group with one stock exchange listing and one board of directors in the long term. According to Bloomberg, the merger is expected to take place by January 1.



Loom manufacturer Picanol Group in Ypres, Belgium © BELGA PHOTO KURT DESPLENTER


Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.

About belganewsagency.eu

Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.


Arduinkaai 29 1000 Brussels