Provimi CEO Confident Cargill Takeover To Complete By Year End
August 15 2011 - 11:53AM
Dow Jones News
Dutch animal food producer Provimi is confident that its
takeover by U.S. group Cargill Inc. can be completed by the end of
this year, Chief Executive Ton van der Laan told Dow Jones
Newswires Monday.
Consultations with working councils will be conducted within the
next two weeks, van der Laan said, adding that the EUR1.5 billion
deal requires cartel and other authority approval.
Provimi's Chief Financial Officer Michel Cup told Dow Jones
Newswires there are no forced lay-offs planned as a consequence of
the takeover, and the Provimi brand name will be kept.
Provimi and Cargill complement each other in terms of regional
presence as well as product portfolio, van der Laan said.
The Dutch animal nutrition business, owned by private equity
company Permira, attracted interest from Dutch peers Nutreco NV
(NUO.AE) and DSM NV (DSM.AE).
Nutreco declined to comment on news of the takeover, saying only
that it will move forward with its strategy of both organic growth
and growth through acquisitions. DSM couldn't immediately be
reached for comment.
-By Bart Koster, Dow Jones Newswires; +31 20 5715 204;
bart.koster@dowjones.com