Sunday 30 April 2017

DuPont set to buy Danisco in $5.8bn deal

US chemicals group DuPont said on Sunday it will buy Danish food ingredients and enzymes firm Danisco for $5.8bn (€4.47bn) to boost its position in the fast-growing food sector.

The cash deal would enable DuPont to enter a niche in the chemical industry -- food additives -- long dominated by smaller rival International Flavors and Fragrances.

It would also solidify existing co-operation between the two companies in the field of technology for advanced bioethanol.

Kerry Group is also a major player in the food ingredients sector.

The deal is structured as a public tender offer valuing Danisco's shares at 665 Danish crowns per share.

Danisco's shares closed on Friday at 530 crowns, meaning the deal is at a 25pc premium to its closing share price.

"The board of directors of Danisco has unanimously resolved that it intends to recommend that shareholders accept the offer," Danisco said in a statement. (Reuters)

Irish Independent

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