Orica Limited (ASX:ORI) made an offer to acquire 16.5% stake in Exsa S.A. (BVL:EXSAI1) on February 19, 2020. The transaction will be funded from AUD 505 million in new equity through the equity raising in February, 2020. After completion, Orica intends to delist Exsa.

In related transaction, Orica entered into an agreement to acquire 83.5% stake in Exsa S.A. (BVL:EXSAI1) for AUD 309 million on February 19, 2020. Completion of the tender offer process is expected by the end of calendar year 2020. Since April 30, 2020, 96.8% of total Exsa S.A. shares have been acquired, and the integration of the Exsa business has progressed in line with plan.

Orica Limited is following the process to extend the offer to all Exsa shareholders. Synergies from the acquisition are expected to materialize from the 2021 financial year.