SHV has offered €40 per share in cash for Nutreco, valuing the company at €2.7bn. The offer is a 42% premium on Friday’s Nutreco share price close. Nutreco’s management and supervisory boards both support the offer. Among Nutreco’s major shareholders are ING and pension management firm APG, both of which have a stake of more than 5%. British hedge fund Hengistbury Investment Partners also owns just over 5% of the shares.
SHV, based in Utrecht, is a diversified industrial group with interests in LPG, oil and gas, heavy transport (Mammoet) technical engineering (Eriks) and self service wholesaling (Makro in Asia and South America). It also owns venture capital group NPM.
‘We consider Nutreco to be a promising and exciting company,’ Stephan Nanninga, chairman of the SHV management board, told the Financieele Dagblad.
Nutreco sells its fish and animal feed in 80 countries and booked turnover of €3.9bn in 2013.