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 
 

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