SICIT’s HQ has gotten news that there is a non-binding buyout offer on the table. But the Syngenta Group is very serious. The plan appears to be of “making a public offer for an indicative price-per-share of 17.3 euro” to buy the entirety of the company’s shares. We are at the beginning of the negotiation. But the market’s spotlight shines on SICIT, company based in Chiampo that transforms the waste of the tanning industry in biostimulants for the agriculture segment and other products for plaster. This is a clear showcase of how leather’s circularity and the long-lasting efforts of tanners towards this matter represent an investment value that is true and concrete.
Next steps
SICIT broke the news of Syngenta’s interest directly. The group is an agro-industrial holding controlled by ChemChina. “The non-binding offer – they explain – is tied to the approval by Syngenta’s BoD”. Moreover: “it’s also tied to the outcome of the due diligence – they continue -, the access to senior management and the visit of SICIT’s sites”. If these steps were to have a positive outcome, what would come is “a public purchasing offer that could be subject to other conditions”, such as the “obtainment of regulatory authorizations”.
The agreement
The non-binding offer, reads the official statement, opens the door to many opportunities. First is the buyout, as we mentioned. But Syngenta also mentions the possibility of an “industrial partnership” with “the stakeholders”, including “Intesa Holding, current controlling shareholder of SICIT”, as well as the chance to create a “shareholder agreement to share the company’s governance” with Intesa Holding, if the latter were to remain a shareholder. While the details of the agreement are still being defined, the interest toward tanning’s circularity remains.
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