Versalis – a subsidiary of Italian energy company Eni – has fully acquired Novamont, a major producer of chemicals made from renewable sources.

Versalis had previously been a minority shareholder of Novamont (36%), with Mater-Bi – a company controlled by Investitori Associati II and NB Renaissance – holding the remaining 64% of Novamont’s shares – until now.

The companies note that the next steps and the timing of closing are subject to approval by the relevant authorities.

Versalis describes itself as “the largest Italian chemical company and leader at an international level, whose strategy hinges on its product portfolio specialization, including chemistry from renewables.”

Meanwhile, Novamont is a B Corp-certified Benefit company and a player in the bio-economy sector, as well as a leader in the market for biodegradable and compostable bioplastics and biochemicals.

It is Versalis’ belief that the acquisition represents an opportunity for it to accelerate its strategy through the integration of a technological platform which it describes as being ‘both unique and complementary.’ The company also predicts that this move will “significantly” contribute to the decarbonization of its product portfolio.

For its part, Novamont hopes that the deal will strengthen its platform by accelerating the growth of high-value-added, multi-product supply chains and local projects. It says that “the goal is decoupling the use of natural resources from economic growth so as to keep doing more with less.”

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