Cargill acquire Provimi €1.5 billion

Cargill to acquire Provimi for €1.5 billion

4:58 PM, 16th August 2011
Cargill to acquire Provimi for €1.5 billion

 

MINNEAPOLIS, US: Cargill has made a binding offer to acquire Provimi, for an enterprise value of €1.5 billion ($2.16 billion) from Permira funds, the private equity firm which owns Provimi. Provimi has agreed, on an exclusive basis, to commence the necessary works council consultations and appropriate regulatory approvals.

Cargill plans to acquire Provimi’s worldwide animal nutrition business, which has operations in 26 countries and employs more than 7,000 people across Asia, Europe, Africa and Latin America. The acquisition would strengthen and expand Cargill’s existing operations creating a global leader in animal nutrition.

“The combination of Cargill and Provimi would create a new, world class animal nutrition offering enhanced products and services,” said Paul Conway, Vice Chairman, Cargill.

Cargill and Provimi have complementary market positions and strengths. The combination of the businesses would provide an increased range of capabilities and a global network to service customers.

“We believe that combination of Cargill’s animal nutrition business with Provimi will create a stronger business, improving delivery of innovative nutritional solutions to customers. With Cargill’s global presence and committed focus on animal nutrition, we can take Provimi to the next stage of its development,” said Ton van der Laan, Chairman and CEO, Provimi.

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