Sector News

Nutreco Agrees Sweetened Takeover Offer to Fend Off Cargill

November 10, 2014
Food & Drink
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 
 

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