Carey counsels Bekaert on BBRG takeover
Chilean law firm Carey acted as local counsel for Belgian steel wire transformation and coating technologies company Bekaert on the mandatory merger control procedures before Chile’s National Economic Prosecutor (FNE) regarding its full takeover of UK-based Bridon-Bekaert Ropes Group (BBRG).
BBRG, which manufactures and sells wire ropes, synthetic wires and related products, is a joint venture between Bekaert and Ontario Teachers’ Pension Plan Board. The buyout will give Bekaert full ownership of the Doncaster, England-based company.
Bekaert has wholly owned and majority owned subsidiaries in Costa Rica, Ecuador, Colombia, Venezuela, Peru, Chile and Brazil, as well as joint ventures in Brazil in partnership with ArcelorMittal.
Taking full ownership of Bridon-Bekaert Ropes Group fits within the ambitions and strategy of Bekaert to grow a global ropes and advanced cords business that will create significant value over time for customers worldwide and for the Bekaert Group, the company says.
Announcing the planned takeover earlier this year, Bekaert’s CEO Matthew Taylor said: “When we established Bridon-Bekaert Ropes Group (BBRG) in 2016, we knew we would face some strong headwinds from weak markets and integration challenges. Despite the significant efforts made by the team, BBRG has not yet been able to deliver a consistent improvement trend and a better financial performance.”
“Taking full control of the business at this stage will allow us to accelerate the turnaround efforts, drive greater synergies between BBRG and the Bekaert Group and take advantage of the complementary nature of the businesses.”
Partner Claudio Lizana and associates María José Villalón, Natalia Acevedo and Oscar Lizana led Carey’s counsel to Bekaert.
