DuPont may walk away from Danisco, will not raise bid - CEO

21 April 2011 17:00  [Source: ICIS news]

TORONTO (ICIS)--DuPont is not raising its offer for Danish food ingredients and enzymes firm Danisco but may walk away from the deal if Danisco stockholders do not tender their shares by 29 April, CEO Ellen Kullman said on Thursday.

“We have made our position clear: our offer is full, fair and firm,” Kullman told analysts during DuPont’s first-quarter results conference call. “Danisco shareholders have a choice to make between the certainty of our offer or the risk of the deal going away,” she said.

US-based chemicals major DuPont, which announced the $6.3bn (€4.3bn) deal for Danisco on 10 January, has already extended its offer twice. Some analysts have said Danisco shareholders may be holding out for DuPont to improve its offer.

In the conference call, DuPont did not say how many Danisco shareholders have tendered their shares so far.

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

Earlier on Thursday, DuPont reported that its first-quarter net income grew by 27% from the same period last year to $1.43bn , reflecting higher sales volumes and selling prices.

($1 = €0.69)

For more on DuPont and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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