Swiss-based MET Group has decided not to proceed with the transaction to acquire 54.07% of shares in Achema Group, a leading producer of nitrogen fertilizer and chemicals in the Baltics. The legal disputes and the various uncertainties outweigh the potential benefits of continuing with the transaction.
Having completed the first phase of the due diligence, the decision to exit the acquisition process was driven by:
(i) The unresolved shareholder disputes within Achema Group related to the pre-emption right which adversely effects the title over the shares. This deadlock situation hinders the execution of any potential share transaction and consumes valuable resources and focus of everyone involved.
(ii) There are significant and complex business challenges in the fertilizer sector. The mitigation of this environment would require imminent and harmonized actions from all stakeholders around Achema Group.
Benjamin Lakatos, Chairman and CEO of MET Group: ”We are thankful for the support we have received during the process, but at the same time we also encountered many challenges from which we can learn. We extend our best wishes to Ms. Lyda Lubienė and remain hopeful that Achema Group will navigate through the current hardships and build a strong future.”
MET Group
MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 17 countries through subsidiaries, 31 national gas markets, and 44 international trading hubs. The company's 1,100+ employees represent close to 60 nationalities. MET has extensive experience operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2024, MET Group’s consolidated sales revenue amounted to EUR 17.9 billion, with a total traded volume of natural gas amounting to 140 BCM and total traded electricity of 76 TWh.