Dutch ingredients and bioscience group DSM stock soared nearly 8% after announcing a €41B takeover arrangement of Swiss Fragnance and flavor specialist Firmenich.
Source: FT
DSM up +8.38%, BAS down -0.54%
The arrangement will create a global powerhouse in the specialist products needed for the growing market in alternative foods and nutrition.
A proposed one-to-one share offer brings the combined group listed in Amsterdam an extra €3.5 billion in cash paid for a percentage of shares held by Switzerland’s Firmenich family.
The deal will also finalize DSM’s shift from a 20th-century heavy industrial giant, once referred to as Dutch State Mines, to a specialist, high-tech consumer chemicals producer.
DSM also announced plans to dispose of its legacy industrial unit in engineering materials to Advent International and Lanxees for an enterprise value of €.385 billion.
Comments