Sector News

Nutreco Agrees Sweetened Takeover Offer to Fend Off Cargill

November 10, 2014
Consumer Packaged Goods
SHV Holdings NV has agreed to sweeten its offer for Nutreco NV by 11% to €2.99 billion ($3.73 billion) in cash to ward off a potential rival bid by Cargill Inc. which had also approached the Dutch animal-feed maker.
 
SHV, a privately-held group controlled by the Fentener van Vlissingen family in the Netherlands, is now offering €44.50 cash per share from €40 a share previously.
 
The improved offer comes as Nutreco said it had been approached by Cargill, the U.S. agribusiness group working with private-equity firm Permira, which together had presented an indicative offer of €43.20 per share in cash. Nutreco make the comment in a joint-statement with SHV.
 
“Nutreco, together with its advisers, have concluded that Cargill’s intention of breaking up the Nutreco business is fundamentally inconsistent with Nutreco’s long-term growth strategy for the business as a whole,” Nutreco said Monday.
 
Nutreco and SHV in October had reached agreement about the original offer, which valued the Amsterdam-listed company at €2.7 billion.
 
By Robin van Daalen 
 

comments closed

Related News

September 7, 2024

Barry Callebaut appoints new president of North American division

Consumer Packaged Goods

Barry Callebaut has named Natasha Chen president of its North American division, effective Sept. 16. She will succeed Ben De Schryver, who will leave Barry Callebaut to “pursue other opportunities,” the company said. In her new role, Chen will manage the company’s North American business in the United States, Mexico and Canada.

September 7, 2024

Pladis opens new MENAI headquarters in Jeddah, Saudi Arabia

Consumer Packaged Goods

Global snacking company Pladis has opened a new headquarters in Jeddah, Saudi Arabia. The site marks a milestone in Pladis’ strategic growth and expansion in the Middle East, North Africa and India (MENAI) region.
Located in the Zahran Business Center in Jeddah, the new office is equipped with new technology and was designed with a focus on sustainability.

September 7, 2024

Ferrero announces official launch of plant-based Nutella

Consumer Packaged Goods

Ferrero has announced the official European launch of a plant-based version of its iconic global hazelnut spread, Nutella. Beginning its roll-out with select European markets in autumn 2024, the new plant-based Nutella will soon be available to consumers in local supermarkets in a 350g jar.