DuPont gets clearance from China for Danisco acquisition

15 April 2011 21:08  [Source: ICIS news]

TORONTO (ICIS)--DuPont has obtained clearance from Chinese regulators for its planned $6.3bn (€4.3bn) acquisition of Danish food ingredients and enzymes firm Danisco, the US-based chemicals major said on Friday.

DuPont has now obtained all required regulatory approvals and the tender offer, which was already extended twice, can now be completed on 29 April, it said.

“Danisco shareholders can now follow their board of directors’ unanimous recommendation to accept our premium cash offer,” DuPont CEO Ellen Kullman said.

“Our offer is full, fair and firm,” she added.

Some analysts have said Danisco shareholders may hesitate in tendering their shares as they are holding out for an improved offer but Kullman did not indicate that DuPont may yet raise the offer made on 10 January.

DuPont did not disclose how many Danisco shareholders had tendered their shares so far.

On 29 March, when DuPont extended the offer for a second time, it said that Danisco shareholders had tendered approximately 6% of the outstanding shares.

DuPont media officials did not respond to a request for comment.

For more on DuPont and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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