🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

UPDATE 2-DuPont's Danisco deal clears last regulatory hurdle

Published 04/15/2011, 10:55 AM
FTNMX552010
-

* DuPont says China clears its Danisco acquisition

* Says now has all necessary regulatory clearances

* Says can complete tender offer on April 29

* Danisco shares up 0.2 percent at 1352 GMT, above 665 bid

(Recasts with confirmation, adds details, quote, background)

NEW YORK/COPENHAGEN, April 15 (Reuters) - Chinese regulators have approved U.S. chemicals group DuPont's $6 billion acquisition of Danish food ingredients and enzymes producer Danisco, completing all the necessary clearances, DuPont said on Friday.

Clearance by China was the last major regulatory hurdle after U.S. and European Union regulators approved the friendly takeover announced in January.

"All regulatory conditions have now been met and the fully-financed tender offer can be completed on April 29, 2011," DuPont said in a statement.

But the deal has yet to win approval from Danisco shareholders.

On March 30, DuPont extended its 665 Danish crowns ($128.9) per share offer for Danisco to April 29 after Danisco shareholders with only 6 percent of the stock had accepted the bid.

DuPont, which wants Danisco's technology as part of a bigger push into the foods business, has said it requires acceptance by owners of at least 90 percent of Danisco shares to carry out the transaction and delist Danisco.

Acceptance of the deal by Danisco shareholders had been sluggish pending regulatory approvals, and some Danisco stockholders have called on DuPont to sweeten its offer, but the U.S. company has repeatedly said it will not raise its bid.

"Our offer is full, fair and firm and it provides shareholders risk-free, certain and immediate value at an attractive price," DuPont Chief Executive Ellen Kullman said in the statement. "We encourage shareholders to act now and tender their shares before the fast approaching deadline."

Danisco shares traded up 0.2 percent at 668.50 crowns, 3.50 above the bid level at 1431 GMT, outperforming a flat Copenhagen bourse's bluechip index which was down 0.2 percent.

(Reporting by Ernest Scheyder in New York and John Acher in Copenhagen; Editing by Erica Billingham and Jane Merriman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.